Insight: China rushes to swap Western tech with domestic options as U.S. cracks down

News Snapshot:

[1/2] Servers are seen inside Huawei's factory campus in Dongguan, Guangdong province, China March 25, 2019. Picture taken March 25, 2019. REUTERS/Tyrone Siu/File Photo Acquire Licensing Rights Summary Companies Beijing has increased spending on domestic tech since late 2022 Telecoms and banks likely next to be pushed to use more Chinese products Replacing Western tech due to geopolitics and cyberattack fears Foreign firms still dominant in banking-related software BEIJING, Oct 26 (Reuters) - China has stepped up spending to replace Western-made technology with domestic alternatives as Washington tightens curbs on high-tech exports to its rival, according to government tenders, research...