China to pump more resources into industrial innovation

China will direct more fiscal resources towards industrial innovation, pursue breakthroughs in core technologies, foster emerging and future-oriented industries, and promote the transformation and upgrading of the manufacturing sector, the Ministry of Finance said on Friday.

The allocation, management and use of fiscal funds for science and technology will be improved, with better coordination of resources to enhance the efficiency of investments in innovation, the ministry said in a report on fiscal policy implementation in the first half of this year.

In line with the report, support for the digital transformation of small and medium-sized enterprises will be increased, encouraging more smaller businesses to innovate and specialize in niche sectors.

Efforts will be made to advance the development of a unified national market, ensuring equal treatment for all types of businesses in fiscal subsidies and government procurement, thereby creating a favorable environment for enterprise growth, the ministry added.

wangkeju@chinadaily.com.cn