China pledges more funding for key technology

China will better manage its scientific research funds to ensure key technologies receive more fiscal support, a government statement said on Wednesday.

Frontier technologies, strategic high technologies and those that have a bearing on social welfare will be supported by a combination of governmental fiscal input and social capital, according to the statement issued after a State Council executive meeting presided over by Premier Li Keqiang.

Technological innovations can boost social development and economic upgrading, the statement said, noting the need for reforms to research fund management to ensure funding reaches innovative and competitive teams.

Scientific institutions are encouraged to cooperate with enterprises to facilitate the industrial application of science and technology. Personnel flows between the institutions and companies are also encouraged, in the hope that it can enable talented people to benefit from research findings.

Government approvals for technological research will be streamlined while supervision of the fund's use will be strengthened, the statement said, citing a "blacklist" mechanism that will reflect the credit of research institutions.

China will launch a package of supportive policies for the cultural and creative industry as well as the design industry, according to the statement.

It noted that these industries are efficient in energy use, cause little pollution and have high added value.

Among the supportive policies are stronger intellectual property rights protection, better education to nurture more talents, and diversified financial support for small and medium-sized enterprises.

A regulation on the management of China's south-to-north water diversion project was also passed during Wednesday's meeting. It mandates safety of facilities and quality of water.