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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.