China Unveils Plan to Boost Manufacturing Innovation and Competitiveness
• China unveils strategy to turn homegrown innovations into globally competitive commercial products, to boost manufacturing and value chains
• Strategy involves forming 5 advanced pilot-scale production facilities to aid research-to-mass production transition
• Facilities aimed to strengthen supply chain resiliency and catch up in areas like AI and biomedical manufacturing
• Manufacturers urged to utilize AI and data sharing to shorten R&D cycles and reduce costs
• Only 37% of major industrial firms currently conduct research and testing; China spending on R&D is 2.64% of GDP, less than US and South Korea