China will encourage private enterprises to participate in major national science and technology projects and promote the transfer of research results to products with market competitiveness, Chinese Minister of Science and Technology Wang Zhigang said on Sunday.
"The private economy is a crucial part of China's economic development. It is always an important part of our work to encourage the development of private technological enterprises," Wang said at the 12th China Industry-University-Research Cooperation Innovation Conference.
China will speed up the establishment of an enterprise-led, market-oriented technological innovation system, where industry, university and research institutes will be deeply integrated. The country will create a fair, competitive market and innovation environment for private enterprises.
China will support private enterprises in increasing investment in science and technology with the use of subsidies and other policy tools. It will also support competent private enterprises in their exploration of frontier areas, and strengthen financial support for enterprises with high growth potential.
The country will also encourage outstanding scientific and technological talents to work in private enterprises, and support them in bringing scientific and technological achievements to the market, and cultivate more new technological clusters and industrial growth points.