China will increase its annual research and development spending by more than 7% each year for the next five years, the government wrote on Friday in its work report from the fourth session of the 13th National People’s Congress.
The government will increase spending on basic research by 10.6% through 2021, the report added.
The ramp-up underscores the country’s commitment to advancing the technology sector as the country increasingly comes into conflict with the US and other countries over technology policy.
In its five-year plan, China highlighted seven key areas related to the technology it aims to promote: next-generation artificial intelligence, quantum information, brain research, semiconductors, genetic research and biotechnology, clinical medicine and health, and space, deep sea and polar exploration.
The government also said it would set up more national laboratories to research quantum information and artificial intelligence.
Other goals are to encourage companies to open up data in areas from search to e-commerce to social media and to support third-party big data services.
In addition, the company plans to improve its domestic IPO channels and enhance the “hard technology” characteristics of the recently launched STAR board.
The government also said it would help foreign-funded companies set up R&D centers in China and urged China to establish international science and technology organizations in the country.
Other areas that should be supported were the electric vehicle sector and 5G networks. The government plans to target 5G penetration of 56% over the next five years.
