Exploring Chinese Strategies for Competing in Technology Sector

While it looked like the US might lose the race to China in technology and technical development, amid an ambitious effort in course by Beijing to overtake competitors in this field, the work is still in course.

China discussed the restructuring of science and technology and finance regulators.

Very important changes

Believing in the importance of the issue, Chinese State Councilor and State Council Secretary General Xiao Ji bowed to delegates before speaking at the second plenary session of the National People’s Congress in the Great Hall of the People in Beijing on Tuesday.

The participants suggested that the changes be made by the State Council, modeled on the Chinese cabinet, during the annual legislative and policy meetings, in an attempt to reorganize the modernization of the Ministry of Science and Technology.

Beijing has also confirmed it will create a new unified financial system at annual meetings aimed at promoting self-sufficiency in key areas of industry and technology, in particularly in transportation, after the United States imposed tough export sanctions on key components of chips and software.

Additionally, the Ministry of Science and Technology will be reconfigured to align with the country’s priorities in innovation and investment in basic research and translate these results in practical applications.

The proposed changes specified few implementation details, amid calls for improvements to the patent system and intellectual property.

The changes, which were promulgated by the State Council on Tuesday, have yet to be formally approved by the National People’s Congress on Friday, although delegates to the legislature rarely cast dissenting votes.

The fight doesn’t stop

Interestingly, China leads this race in about 37 out of 44 technical fields, according to a year-long research conducted by the Australian Strategic Policy Institute think tank last week.

As for the United States, according to the report, they are still the leaders in 7 of the remaining technologies, such as vaccines, computer quantum and space launch systems.

In a moment in which America and China, the two major economic powers in the world, are clashing politically on various dossiers, and also economically.

While the race in science and technology occupies the most important role in this hidden struggle.