Enterprises Major Part of Tech Innovation, Says Minister

Enterprises have grown to play a major role in China's technological innovation, the minister of Science and Technology says.

"China's R&D spending reached up to 1400 billion yuan in 2015, 77% of it coming from enterprises," Wan Gang told a group of reporters during the Fourth Session of the 12th National People's Congress in Beijing on March 10, 2016.

Increasing investment from enterprises also reflects the implementation of targeted policies, Wan noted.

In the process of technological development, Chinese government has played a guiding role by offering preferential schemes to new high-tech enterprises. These companies have drawn benefit from R&D costs deduction and reduction or remission of enterprise income tax. Accordingly, they have paid more attention to research into forefront technologies, catering to updated and higher-level requirements in the market.

In future, China will place greater importance on optimizing the structure of investment for technological innovation, Wan indicated. "Because it could reflect the quality and profit of investment," he explained.

By virtue of enterprises increasing input regarding technology innovation, the government could distribute more capital towards infrastructure construction, public welfare and other major fields like the aerospace industry, Wan added.

(Source: China.org.cn)