China to put state-owned firms, capital to work nurturing tech champions
Beijing’s work report outlines funding, IPO support and SOE-led tech adoption to accelerate AI and other frontier industries
China has pledged to provide a range of supportive measures to promote the diffusion of advanced technology through all levels of the country’s economy, as Beijing seeks to strengthen frontier industries such as artificial intelligence amid an intensifying rivalry with the United States.
In its annual work report, the government urged state-owned enterprises to take the lead in opening their vast industrial ecosystems to emerging technologies, and vowed to supply the necessary funding for all companies – from start-ups to public firms – to pursue new innovations through their “full life cycle”.
Delivered by Premier Li Qiang at the opening of China’s top legislature, the National People’s Congress (NPC), in Beijing on Thursday, the government work report laid out a list of policy priorities for the economy, scientific research, the military and other areas this year.