China’s government intensifies its focus on cutting-edge technologies.
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</div>China has revealed its ambitious strategy to challenge the US in the realm of advanced technologies, primarily through boosting investment in start-ups. Beijing stated its goal for the digital economy to contribute 12.5% to the nation’s gross domestic product by 2030, marking a substantial rise from last year’s 10.5% contribution.
During the National People’s Congress (NPC), Chinese Premier Li Qiang articulated the government’s vision: “To firm up the foundations of the real economy, we must modernize the industrial system with advanced manufacturing as its backbone,” he stated. He further emphasized, “to achieve greater self-reliance and strength in science and technology, we must deliver advances in original innovation and breakthroughs in core technologies in key fields,” as reported by the South China Morning Post.
Premier Li identified several key sectors targeted for significant expansion, such as next-generation energy, quantum technology, embodied AI, brain-computer interfaces, and sixth-generation (6G) telecommunications.
As per the newspaper’s report, the Chinese government stands ready to allocate substantial financial resources to propel these advancements. Furthermore, it plans to roll out diverse financing avenues to foster the emergence of future technology “unicorns” – companies with valuations exceeding $1 billion.
To ensure robust competition with US businesses in innovation, industrial enterprises will be encouraged to adopt and integrate these nascent technologies, especially artificial intelligence.
