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‘Two sessions’ 2022: self-reliance highlighted as China’s top economic priority amid turbulent geopolitical times
- Chinese Premier Li Keqiang puts the focus on secure industrial chains and technological breakthroughs at the opening of the National People’s Congress
- Government also offers range of incentives to stimulate innovation
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China has underscored self-reliance in its economic priorities this year amid warnings of trade headwinds and geopolitical complexities.
At the opening of the annual National People’s Congress on Saturday, Premier Li Keqiang announced new incentives in the nation’s push for innovation and “faster breakthroughs” in core technologies, and highlighted the need for secure industrial and supply chains.
Li said the government would raise the tax rebate for small and medium-sized science and technology firms from 75 to 100 per cent and grant tax breaks for basic research to encourage innovation.
Beijing also plans to develop clusters of strategic industries such as aviation and marine equipment and vowed more support to the Greater Bay Area, Beijing and Shanghai to bolster innovation prowess.
All these measures amount to a large injection of government funding to support enterprises’ innovation endeavours
“Our capacity to support innovation is lacking in key areas,” Li said, delivering the government’s annual work report to national legislators.
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