China is making significant strides in prioritizing science and technology to drive high-quality economic development. Amid ongoing U.S. sanctions targeting \"dual use\" technologies, including advanced microchips and supercomputers, China is steadfast in its goal of technological independence and self-reliance.
The disruption caused by these sanctions has not deterred China. In fact, it has intensified the nation's commitment to developing its own technology capabilities, with semiconductors at the forefront. According to Reuters, China is set to launch a new state-backed investment fund aiming to raise over $40 billion for its semiconductor sector. This fund will be the largest among the three launched by the China Integrated Circuit Industry Investment Fund, surpassing previous initiatives from 2014 and 2019.
Premier Li Qiang has been a vocal advocate for China's sci-tech ambitions, emphasizing that specialized, high-end, innovation-driven enterprises are crucial for securing high-quality economic growth and stabilizing industrial and supply chains. Speaking at a symposium after visiting three \"little giants\"—small or medium-sized high-tech companies in strategic sectors—Premier Li highlighted that \"Innovation serves as the soul\" of these enterprises. He stressed the importance of upgrading and transitioning China's economy to high-quality development, which will, in turn, boost confidence in growth and transformation.
To support this vision, Premier Li has directed authorities to implement more targeted and effective policies, including financial support, preferential taxation, intellectual property protection, and talent training. His high-profile visits to leading tech companies like Huawei and BYD send a clear message about China's commitment to sci-tech self-sufficiency.
President Xi Jinping has long emphasized \"indigenous innovation\" as a cornerstone of China's strategic plan to achieve full socialist modernization. The recent statements and actions by Premier Li underscore the nation's unwavering dedication to fostering an environment where science-based businesses can thrive despite external pressures.
Reference(s):
cgtn.com
