A visitor tries smart equipment at an AI innovation and application summit in Jinan, East China's Shandong province, on April 19, 2021. (PHOTO / XINHUA)

BEIJING - Chinese authorities on Monday released an action plan to stimulate the technology-innovation capacity of enterprises.

Jointly issued by the Ministry of Science and Technology and the Ministry of Finance, the 2022-2023 action plan specifies supportive measures in 10 areas, including establishing a mechanism for enterprises to participate in the country's sci-tech innovation decision-making on a regular basis.

The document pledges to implement tax incentives to support enterprises in frontier basic research

The document pledges to implement tax incentives to support enterprises in frontier basic research.

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It also calls for financial support, such as venture capital, for enterprise innovation and greater enterprise access to sci-tech resources and application scenarios.

To facilitate international cooperation, the document highlights the support to enterprises in building overseas sci-tech innovation centers, and offshore innovation and entrepreneurship centers.

Foreign-funded R&D institutions are encouraged to participate in government sci-tech projects, according to the action plan. 

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