China issues action plan to boost enterprise innovation

Workers assemble engines on an assembly line at a workshop of the Weichai Group in Weifang City, east China's Shandong Province, April 22, 2021. Weichai Power Co., Ltd., a state-owned enterprise, has developed China's first high-speed and high-power engine with completely independent intellectual property rights after more than 10 years of scientific and technological research. (Xinhua/Guo Xulei)

BEIJING, Aug. 15 (Xinhua) -- Chinese authorities on Monday released an action plan to stimulate the technology-innovation capacity of enterprises.

Jointly issued by the Ministry of Science and Technology and the Ministry of Finance, the 2022-2023 action plan specifies supportive measures in 10 areas, including establishing a mechanism for enterprises to participate in the country's sci-tech innovation decision-making on a regular basis.

The document pledges to implement tax incentives to support enterprises in frontier basic research.

It also calls for financial support, such as venture capital, for enterprise innovation and greater enterprise access to sci-tech resources and application scenarios.

To facilitate international cooperation, the document highlights the support to enterprises in building overseas sci-tech innovation centers, and offshore innovation and entrepreneurship centers.

Foreign-funded R&D institutions are encouraged to participate in government sci-tech projects, according to the action plan.