China's state-owned enterprises (SOEs) are doubling down on innovation! Local government-supervised SOEs invested 249.57 billion yuan ($35 billion) in research & development during the first half of 2024 – a 10.4% jump year-on-year. This tech push aligns with Beijing's strategy to supercharge scientific breakthroughs and build self-reliance in key industries.
Zhang Yuzhuo, chairman of the State-Owned Assets Supervision and Administration Commission, highlighted 'accelerated innovation capabilities' as regional authorities roll out tailored policies. Shandong Province, for example, now prioritizes salary hikes for tech talent, while Beijing and Xiamen test R&D reserve funds to fuel long-term projects.
But it's not just about spending – local SOEs also posted strong H1 results:
19.2 trillion yuan in total revenue
826.78 billion yuan in profits
2.9 trillion yuan in fixed-asset investments
Looking ahead, authorities plan to optimize policies for 'indigenous innovation' and foster venture capital to bridge the gap between lab discoveries and real-world applications. As one Xiamen tech worker told us: 'This isn't just corporate policy – it's how we'll shape tomorrow's industries.'
NewspaperAmigo – Your Global News Buddy 
This tech push aligns with Beijing's strategy to supercharge scientific breakthroughs and build self-reliance in key industries.
19.2 trillion yuan in total revenue
826.78 billion yuan in profits
2.9 trillion yuan in fixed-asset investments
As one Xiamen tech worker told us: 'This isn't just corporate policy – it's how we'll shape tomorrow's industries.'
