Chinese President Xi Jinping has called for accelerating the development of industries of the future and boosting technological innovation. The statement was made during a study session of the Politburo of the Communist Party of China on 30 January.

According to him, the development of new industries is essential to gain a competitive advantage in science, technology and industry. He also stressed that these sectors play a key role in building a modern industrial system, improving the living standards of the population and overall social development.

Future industry as an engine of technological competitiveness

Xi Jinping said that the industries of the future are strategic and breakthrough in nature and require both systematic planning and coordinated development. He stressed the need to link traditional, emerging and future industries so that they complement and reinforce each other.

According to him, scientific and technological innovation is a decisive factor for the speed and scope of their development. China should therefore strengthen the mobilisation of national resources, accelerate research on key technologies and develop basic research with a long-term perspective.

Support for business and innovation

According to the Chinese leadership, enterprises play an important role and should be at the centre of innovation. Xi Jinping called for concentrating innovation resources in companies and supporting technological leaders as well as advanced high-tech companies with strong research potential.

The strategy should also include improving tax and fiscal support, developing funding for technology projects and actively promoting talent. The aim is to create an environment that fosters innovation across society.

Balancing development and security

Xi Jinping also stressed the need to balance technological development with security considerations. He said it was necessary to put in place effective regulatory mechanisms to minimise the risks associated with new technologies.

At the same time, he called for strengthening international cooperation, joint development of technological standards and coordinated development of industries at the global level.

CMG