China orders central state-owned enterprises to double spending on basic research
Regulator calls on major state-owned companies to become ‘globally influential’ sources of technology in 10 strategic sectors
The regulator also mapped out an even grander goal for 2035, when central SOEs are expected to mature into a dominant pillar of the nation’s basic research system, and further improve their standing by becoming “globally influential” technological sources in 20 cutting-edge fields.
With China’s private sector highly visible in downstream commercial innovations like consumer artificial intelligence, Beijing has now mandated a concerted push for major SOEs to scale up their original scientific output.
To encourage more ambitious scientific inquiry, Beijing is revamping its methods of assessment and evaluation for executives of these companies.
The regulator pledged to optimise its performance review system for executives, with the introduction of an application process that could shield them from blame for balance-sheet losses incurred in the pursuit of basic research.
For national-level laboratories and joint-innovation platforms, evaluation metrics will pivot towards original research output and adopt long-term reviews based around milestone discoveries.