China to Look into Investing More and Encourage Enterprises in the Research and Development Sector

China to Look into Investing More and Encourage Enterprises in the Research and Development SectorChina is expecting knowledge intensive services to contribute around 20 percent of the gross domestic product by 202 or an increase by 15.6 percent compared to 2015. The report is based o the country’s five year plan for science and technology progress planned for 2020. The State Council plans listed targets for science and technology from 2016 to 202 together with government actions that will help in the realization of the targets.

The total factor productivity in which technology is aiming to account for 60 percent of the growth in 2020 or up by 55.3 percent compared to last year. Plus the number of patent applications in 2020 is also expected to double since 2015, and by 2020 60 out of 10,000 workers are engaged in research and development an increase of 48 workers in 2015. Government priorities in the next five years will include directing resources to strategic areas to foster creativity, create a favorable policy environment and to remove barriers in innovation. The country is also planning to spend more resources in the research areas that is said to be the key to the national strength and security including integrated circuit equipment, broadband mobile telecommunication, computer chips, nuclear power, genetic modification, digital machinery, new medicines, water pollution control, lunar exploration and manned space missions.

Breakthrough in other areas such as quantum computing, brain science and deep seas exploration is seen. More attention will be given to agriculture, green energy, computing environmental protection and biology. Furthermore the government is promising to give more support for basic research, science labs and international research. China will also play an active part in the International Thermonuclear Experiment Reactor project and the Square Kilometer Array telescope project. Plans also include measures to improving legislation on research and development, increase efficiency of governance and streamline fund raising.

Enterprises are also encouraged to invest in research and development and to offer preferential policies to knowledge intensive startups and at the same time push universities and research institutes in improving efficiency.

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