BEIJING: State-owned enterprises supervised and administered by local governments in China reported a 10.4 percent rise in R&D spending that amounted to 249.57 billion yuan ($35 billion) in the first half of 2024, according to the State-owned Assets Supervision and Administration Commission of the State Council.
The increased spending came amid efforts by State-owned enterprises to accelerate scientific and technological innovation capabilities, said Zhang Yuzhuo, chairman of the commission. Zhang said earlier this week that since the beginning of this year, state-owned assets supervision and administration commissions of local governments have launched a series of policy measures to support scientific and technological innovation.
For instance, in East China’s Shandong province, local State-owned enterprises are encouraged to prioritize wage increase incentives for scientific and technological talent and provide remuneration for key talent on a case-by-case basis. In Beijing and Xiamen, policies to set up R&D reserve funds for state-owned enterprises have been formulated and implemented on a pilot basis. Zhang said the commission will strive to optimize institutional arrangements to promote indigenous innovation in state-owned enterprises, encourage diversified capital investment, and nurture high-quality venture capital institutions in efforts to boost innovation in basic research and industrialize innovation outcomes. –The Daily Mail-China Daily news exchange item
