China boosts facilities for foreign companies

BEIJING: China’s efforts to pursue self-reliance in crucial technologies will create opportunities for multinationals to thrive along with their Chinese counterparts, as a more innovative China can help buoy global economic recovery, stabilize supply chains and spur innovation, experts and global business leaders said.
Stronger homegrown innovation and deeper international cooperation are needed, amid headwinds such as a gloomy global economic outlook, to make China a global pacesetter in key sectors and a major science and innovation hub, they added.
Frank Meng, chairman of Qualcomm China, said, “Through broad partnerships with local companies, we have sincerely felt that Chinese enterprises have the determination and courage to build themselves into world-class players.
“Chinese enterprises have actively integrated themselves into the overall landscape of global technological innovation, which has created even broader opportunities for cooperation with companies like Qualcomm,” Meng said.
In the coming years, he said, digital technologies such as 5G, the internet of things, intelligent connected vehicles, virtual reality and augmented reality will create new space for growth.
“Qualcomm and Chinese companies will have even bigger opportunities for cooperation ahead, and we will keep creating value together,” he added.
Qualcomm is just one of the foreign companies that are prospering with China, as the country implements an innovation-driven development strategy and accelerates its push to pursue breakthroughs in crucial technologies.
Xi Jinping, general secretary of the Communist Party of China Central Committee, said the country must scale up its investment in high-tech sectors and strategic emerging industries, while presiding over a group study session of the Political Bureau of the 20th CPC Central Committee last week.
Xi stressed efforts to enhance the security and stability of the nation’s development and called for quicker steps in ensuring self-reliance in science and technology, in order to prevent containment by foreign countries.
–The Daily Mail-China Daily news exchange item