Hey innovators and tech lovers! 🎉 Get ready to be amazed! China's local state-owned enterprises (SOEs) have just reported a massive boost in their R&D spending. In the first half of 2024, they've pumped up their investment by a stellar 10.4%, hitting a total of 249.57 billion yuan (that's about $35 billion!). Talk about leveling up! 🚀
What's cooking? 🍳
Zhang Yuzhuo, the chairman of the State-owned Assets Supervision and Administration Commission of the State Council (try saying that five times fast! 😅), announced that this surge in spending is all about accelerating scientific and technological innovation. These SOEs are not just talking the talk—they're walking the walk towards a tech-savvy future! 🌐
Innovation Nation 🌟
Since the start of the year, local governments have rolled out cool policy measures to support this innovation wave. Check it out:
- In the eastern province of Shandong, local SOEs are boosting salaries for scientific and tech talent, making sure these brainiacs get the rewards they deserve. 💰✨
- In Beijing and Xiamen, they've kickstarted pilot programs to set up R&D reserve funds for SOEs. That's like giving a power-up to the innovation engine! 🎮⚡
Looking Ahead 🔭
Zhang also mentioned that the commission is gearing up to fine-tune policies to promote homegrown innovation in SOEs. They're encouraging diverse capital investments and nurturing top-notch venture capital institutions. The goal? To supercharge basic research and turn those amazing ideas into real-world innovations! 💡🌏
By the Numbers 🧮
But wait, there's more! In the first half of this year, local SOEs reported:
- Total business revenues of 19.2 trillion yuan (whoa! 😲)
- Total profits of 826.78 billion yuan
- Fixed asset investments reaching 2.9 trillion yuan
These numbers aren't just stats—they're a testament to the dynamic growth and commitment to innovation in China’s local SOEs. 🌠
Reference(s):
Local SOEs in China report 10.4% rise in R&D spending in H1 2024
cgtn.com
