Xi Jinping: Take more forceful measures to address China’s technological development challenges

President Xi Jinping stated that it is necessary to adapt to new circumstances and requirements, adopt stronger measures, and effectively address the problems existing in China's science and technology development; create diversified application scenarios and high-level industrial clusters, and promote the application and iterative upgrading of self-developed technology products.

He said at the National Science and Technology Awards Conference that it is essential to enhance the systematic capabilities of scientific and technological innovation, improve the overall effectiveness of the national innovation system; and build a sci-tech financial system that aligns with scientific and technological innovation. It is necessary to strengthen scientific ethics and security governance, and promote science and technology towards goodness, safety, and controllability.

At the same time, strengthen the self-reliance of basic research conditions; guide enterprises to increase R&D investment, and mobilize more social forces to support scientific and technological innovation. All regions should explore innovation development paths according to local conditions, and must not blindly follow trends, engage in "involution" competition, or homogeneous development.

He pointed out that it is necessary to promote the healthy and stable development of the venture capital market, smooth investment and financing channels for enterprises; guide financial capital to invest early, invest small, invest long-term, and invest hard tech; improve the central fiscal allocation and management mechanism for science and technology funds, and tilt them towards strategic and key areas.