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Industry and information technology minister touts benefits of setting up R&D centres in China and teaming up with domestic firms, as inbound investments have slowed amid geopolitical tensions.

Premier Li Qiang visited hi-tech manufacturing companies during a two-day trip to the central province of Shaanxi province on Monday and Tuesday, urging firms to increase investment in research and development.

Newly unveiled initiative would create five pilot-scale facilities to turn China’s research and development and innovative ideas – from laboratories and research papers – into commercially viable applications.

Chinese companies want to stop economic stagnation due to the property market dip and want to focus on aggressive investment in the tech sector.

Allowing academics and scientists more time to conduct high-risk but potentially groundbreaking research is critical to achieving self-reliance, experts say.

But the cost of innovation also increased significantly in China because of tech bans imposed by the US government.

A new report has highlighted significant weaknesses in the effectiveness and quality of Chinese talent, a blow to Beijing’s goals of turning the country into a hub for top-tier professionals and achieving technological independence.

An overwhelming majority of European firms will increase research and development spending in China this year, according to a report released on Wednesday.