China is set to make a big investment in technology as it targets burgeoning interest in the mobile, cloud and ecommerce sectors.
Speaking at the National People’s Congress, the country’s parliament, Chinese premier Li Keqiang admitted that the ascendant superpower’s capacity for innovation was "insufficient", and would have to be strengthened through further investment.
As such the country’s leadership has set out an "Internet Plus" scheme "to integrate mobile Internet, cloud computing big data, and the Internet of Things with modern manufacturing", with a mandate to encourage "Internet-based companies to increase their presence in the international market."
Li said: "We need to reform the management of science and technology plans funded by the central government to establish an open and unified national science and technology management platform.
"With the focus on supporting basic research, research in cutting-edge technologies, and key technologies that have a broad application, the government will encourage original innovation and move faster to launch major national science and technology projects."
The move from Chinese government has followed the record-breaking initial public offering (IPO) of ecommerce firm Alibaba last year, prompting increased Western interest in the country’s technology sector.
However the growing clout of the Chinese technology sector has caused friction between business and government, as highlighted by clashes between Alibaba executive chair Jack Ma and the country’s securities commission over its expansion into new sectors.
