State-owned enterprises will need to take the lead in the coming years to ensure geopolitical complexity and supply chain disruptions do not undermine China’s high-tech ambitions, according to newly outlined priorities.
“Self-reliance in science and technology is not only a matter of development, but also a matter of survival,” the State-owned Assets Supervision and Administration Commission (SASAC) said in an article published in Qiu City, the Communist Party’s highest organ, on Sunday. Stated. An authoritative theoretical journal.
“Most state-owned enterprises belong to important industries and key sectors related to national security, and are the lifeblood of the national economy,” the commission said. “They are important variables in realizing national strategic intentions and responding to changes in the external environment and significant risks and challenges.”
He also said that some state-owned enterprises remain “large but not strong” and suffer from problems such as insufficient innovation and low return on assets, justifying further reforms to improve competitiveness. Then he said.
China’s Xi Jinping looks ahead to economic damage and appeals for decades-old reform ideals
China’s Xi Jinping looks ahead to economic damage and appeals for decades-old reform ideals
“We must continue to deepen our reform, play a better role in strategic security, industrial leadership, national economy, and public services, and respond to the uncertainties of the external environment with our own high-quality development. ” he added.
It said policy support would be strengthened to help state-owned enterprises become “sources of unique technology” and accelerate research into “fundamental, urgent, cutting-edge and disruptive” technologies.
China faces the difficult task of containing the economic downside risks caused by the real estate recession. declining confidence in the private sector and foreign investors; and slump in exports.
Externally, it is challenging U.S.-led efforts to restrict access to China’s advanced technologies and risk-aversion efforts to move industrial and supply chains away from China.
The Chinese government is refraining from big-bang stimulus to boost growth in the short term, and aims to move up the industrial chain ladder to grow the economy in the long term.
The regulator also said it would accelerate the formation of a modern industrial system that is “independent, controllable, safe, reliable and competitive.”
“As an important basis for maintaining national strategic security, state-owned enterprises must consider maintaining the security of industrial chains, supply chains, and energy resources as their primary mission responsibility,” the report said. Ta.
The article also highlighted the important role played by state-owned enterprises in protecting supply chains and energy resources, saying that companies should “diversify oil and gas import sources” and “strengthen control of transportation routes.” He pointed out that there is.
Private companies, the backbone of China’s economy, decry lack of equal policy support
Private companies, the backbone of China’s economy, decry lack of equal policy support
“State-owned enterprises should improve the mechanism of scientific and technological innovation and provide better support to achieve high-tech independence,” SASAC said.
He also cited emerging industries such as artificial intelligence, information technology, biotechnology and the green sector as areas for development.
Meanwhile, China has stepped up its anti-corruption campaign this year targeting state-owned enterprises, which it says are economic “ballasts” and critical to the country’s development agenda.
