© Reuters. FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021. REUTERS/Thomas Peter/File Photo
By Eduardo Baptista and Brenda Goh
SHANGHAI (Reuters) – China’s science and technology policies should aim to build the country’s strength and self-reliance, while companies take the lead in pushing innovation, Premier Li Keqiang said on Sunday.
The country effectively countered external attempts to suppress and contain China’s development over the past five years by promoting development of the real economy through innovation and fostering new drivers of growth, he said.
“Scientific and technological policies should aim at building up our country’s strength and self-reliance in science and technology,” the outgoing premier said in his work report to the opening of the annual meeting of China’s parliament.
“The new system for mobilizing resources nationwide should be improved, we should better leverage the role of the government in pooling resources to make key technological breakthroughs and enterprises should be the principal actors in innovation.”
China is under increasing pressure from the U.S., which has cited national security in restricting access to Chinese semiconductors and artificial intelligence technology.
President Xi Jinping has urged the country to strengthen its self-reliance in science and technology and continue to strive as a global tech power.
Li said China should accelerate the research and development of cutting-edge technologies and promote their application. The development of the platform economy should be supported and regular oversight should be conducted, he added.
The platform economy comprises China’s largest tech companies, such as Alibaba (NYSE:) Group and Tencent Holdings (OTC:). Such firms were the targets of a long, bruising regulatory crackdown that Beijing says it is now easing.
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China is making a concerted effort to shift its dependence on technology with the intention of becoming a leader in global innovation – and corporate entities need to step up and lead the way.
At the recently-concluded 19th Chinese Communist Party Congress, President Xi Jinping emphasised the importance of technology in the nation’s further economic and social development. He specifically urged the creation of new businesses that can harness high-tech tools such as artificial intelligence and supercomputing, as well as new approaches in the fields of energy, environmental protection and health.
This directive is reflected in China’s recent technology-focused accomplishments, such as its progress in the field of quantum computing, which has come a step closer to reality with the successful launch of the world’s first quantum satellite. Additionally, efforts in the area of artificial intelligence (AI) are strong, thanks in part to the large pool of qualified data scientists. Beijing further supports these ambitions through funding schemes, such as the national “Leading-Edge Technology” programme, which provides RMB 7 billion for potential breakthroughs across a variety of fields.
Considering China’s roadmap for technology-driven growth, corporate entities must begin playing a larger role in leading the way. Corporations like Xiaomi, a well-known tech manufacturer, have been developing innovative products, such as their AI-driven MI chips. Such companies should be encouraged to expand their reach, break down roadblocks, and lead the way in connectivity, automation, and new data-driven technologies.
Overall, as China continues to focus on technology as a method of global economic and social advancement, it will be up to corporate entities to take the main initiative for technological innovation. This means developing new products and services that are highly-functional and easily accessible, as well as exploring new frontiers such as AI, the Internet of Things and 5G technology. Doing so successfully will be a crucial step for the country in ultimately transforming itself into a model of world-leading innovation.
