In an effort to fuel its technological ambitions for the future, China has overhauled a national leadership group responsible for planning and studying its key technological development strategies.
The group which was previously called the “National Technology and Education Leadership Group” has been renamed with education being removed from its title to place a greater emphasis on technology. Premier Li Keqiang, who chaired the group since 2018, will now lead the renamed group with vice premier Liu He serving as his deputy.
As the US continues its trade war with China, the country is trying to boost growth internally and greater assistance to its tech sector is the latest in a series of measures being taken by Beijing to do so.
The news led shares of China's top tech firms to rally with an index tracking major IT firms rising by over four per cent while an index tracking telecoms gained almost four per cent.
The country is planning to catch up to its rivals abroad in sectors such as robotics, aerospace and clean-energy cars through a state-backed industrial policy called Made in China 2025. Beijing aims for Chinese suppliers to capture 70 per cent of market share for “basic core components and important basic materials” in strategic industries by 2025.
Top officials from more than a dozen ministries and key central government bodies will Join the new leadership group alongside Premier Li Keqiang.
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