China vows to foster new forms of smart economy for industrial upgrades

China will further advance the artificial intelligence (AI) sector and foster new forms for the smart economy to push for industrial upgrades, said officials on China's economic work in the second half of this year.

The Political Bureau of the Communist Party of China (CPC) Central Committee analyzed and studied the current economic situation and made arrangements for economic work in the second half of this year at a meeting held in Beijing on Thursday.

The meeting called for efforts to deeply implement the AI Plus initiative, foster new forms for the smart economy, and improve the governance system for artificial intelligence.

According to the meeting, efforts will be made to achieve breakthroughs in frontier technologies and promote the development of future industries, build emerging pillar industries, and continuously push the transformation and upgrading of traditional industries.

Officials from the National Development and Reform Commission (NDRC), China's top economic planner, said the emphasis on smart economy, which reflects an upgraded approach to AI advancement, will help build new advantages for China's economic development.

"This year's Government Work Report for the first time proposed creating new forms of smart economy. The latest meeting of the Political Bureau of the CPC Central Committee again emphasized the need to foster new forms for the smart economy. The smart economy is increasingly becoming a very important vehicle for developing new quality productive forces," said Sun Xuegong, director of the Decision Advisory Department of the Academy of Macroeconomic Research of the NDRC.

"AI is no longer merely an enabling tool, but a systemic force that is reshaping the way the economy operates. At the same time, the requirement of 'improving the governance system for artificial intelligence' reflects a governance approach that places equal emphasis on development and regulation, and seeks synergy between innovation and security," said Sheng Lei, deputy director of the State Information Center of the NDRC.

The Russian government has extended its full ban on fuel exports through Jan 31, 2027, the Russian cabinet announced Thursday.

The authorities imposed a new temporary export restriction covering gasoline, diesel, marine fuel and gas oil to stabilize Russia's domestic fuel market.

According to a signed government decree, the temporary export ban will take effect on Aug 1 and remain in force until the end of January 2027.

Notably, restrictions on diesel, marine fuel and gas oil will remain in effect until Sept 1, 2026, marking a shorter regulatory window compared to the gasoline export ban.