Chinese Premier Calls on Hi-Tech Firms to Drive Technological Self-Reliance and Green Innovation
Chinese Premier Li Qiang has urged hi-tech firms to take a leading role in promoting technological self-reliance and stabilizing China’s supply and industry chains. During his recent visit to Chinese manufacturers facing restrictions from the United States, Li emphasized the importance of transformation and upgrading in the face of the country’s economic slowdown.
Li visited three technology powerhouses, including Beijing U-Precision Technology, a chip-making machine builder known for its nano-scale ultra-precision measurement and control technology. He reiterated Beijing’s support for innovation and the exploration of subdivided fields, highlighting the necessity for the industry to strengthen confidence.
He stressed the need for the industry to concentrate on high-end, intelligent, and green technology, and to climb to the top of the industrial chain, innovation chain, and value chain. Li views technological innovation as a key foundation for high-quality economic development.
This visit follows Li’s previous tech-focused trip to Guangdong province, where he visited state-backed laboratories and hi-tech firms, including Huawei Technologies. China has set an annual economic growth target of around 5%, but the country’s economic recovery has been slow. To boost the economy in the short term and restore confidence among investors and consumers, timely impact is needed.
In an effort to bolster private firms, the State Administration for Market Regulation rolled out a 22-point package to improve the business environment and provide policy support, legal safeguards, and improved engagement. This package follows the 31-point action plan released in July. However, discussions have been ongoing as China refrains from implementing large-scale stimulus measures despite challenges in the housing market, falling investment, exports, and a lack of robust rebound.
China must address these issues and recognize the pivotal time of economic recovery and industrial upgrade it currently faces. The country’s economic stabilization and growth depend on overcoming these challenges.
Overall, Premier Li’s call for hi-tech firms to lead in technological self-reliance and green innovation aligns with China’s goal of enhancing its innovation capabilities and securing its supply chains. It is crucial for China to prioritize technological advancement and foster an environment that encourages innovation and high-quality development in order to achieve long-term economic growth and sustainability.
