China will promote innovation-driven scientific and technological through further implementation of long-term plans and incentives, Premier Li Keqiang said on Saturday.
China will promote innovation-driven scientific and technological through further implementation of long-term plans and incentives, Premier Li Keqiang said on Saturday.
The country will press ahead with a 10-year action plan on basic research and implement a three-year action plan for improving a management system to raise its capacity for innovation, Li said as he delivered the government work report at the fifth session of the 13th National People’s Congress in Beijing.
The central government encourages local governments to increase their spending on science and technology development, according to the premier.
Apart from government support, the development of venture capital, new financial products and services will also be encouraged to promote scientific and technological development, he said.
Li added that China will provide stronger incentives to promote innovation among enterprises, academia and research, while strengthening the protection of intellectual property rights.
Planned financial incentives include additional tax deductions and tax breaks to encourage enterprises to invest more in R&D.
Through applying 5G technology on a larger scale and building more digital information infrastructure, Li said China is set to strengthen the overall planning for the Digital China initiative that will advance industries, cities and villages.
The premier added that a group of projects will be launched to upgrade traditional industries, and a batch of specialized and sophisticated enterprises will be fostered to boost the country’s core manufacturing competitiveness.
Source: CGTN