China upped the stakes in its tech race with the U.S. as leaders laid out plans to speed up development of advanced technologies from chips to artificial intelligence and quantum computing over five years.
In a draft economic blueprint unveiled at the country’s annual legislative gathering, officials said they would boost research and development spending by more than 7% annually over the five years to the end of 2025. That will account for a higher percentage of gross domestic product than in the previous five-year period.
Chinese Premier Li Keqiang said in a speech Friday that China will revise regulation and policies to support the flow of venture capital into startups, free up bank lending and extend tax incentives to encourage research and development.
Economists and industry analysts say China’s 14th five-year plan stands out for its emphasis on advanced technologies and innovation. It also included China’s vision for 2035, when the country expects to have “significant breakthroughs on core technologies and seeks to be among the most innovative nations globally.”
China upped the stakes in its tech race with the U.S. as leaders laid out plans to speed up development of technologies such as chips, artificial intelligence and quantum computing over five years. https://t.co/vdTvYYC0kS
— WSJ China Real Time (@ChinaRealTime) March 8, 2021