The Chinese leadership has on various occasions called for endeavors to promote science and technology, taking innovation as the primary driving force of development so as to make China a "major world center for science and innovation." To get more news about CIIE, you can visit shine news official website.
Indeed, over the past few years, the country has stepped up the effort to address any weaknesses in its scientific and technological development.
Continuity matters in China. Among many initiatives, the China International Import Expo (CIIE) is an international event that has facilitated, since 2018, trade and investment connectivity with the rest of the world.
This is principally interested in increasing imports from other countries and attracting investments with emphasis on the theme of innovation. This year, the 3rd CIIE, being held in the wake of the COVID-19 pandemic, has been improving on existing opportunities, as demand from the massive domestic market in China – the most promising in the world – continues to unleash endless potential for innovation.
The process of transformation is gradual, but is intensifying. According to World Intellectual Property Organization (WIPO) data, China's share of global Research and Development (R&D) investment rose from 10% in 1996 to 31% in 2017.
In 2019, its total expenditure on R&D amounted to approximately $321.3 billion, up 12.5% from 2018. In April 2020, WIPO announced China ended the U.S. reign as the top source of international patent applications filed with it.
In particular, China registered 58,990 applications via the Organization's patent cooperation treaty system, compared to 57,840 from the U.S. Chinese universities such as Tsinghua are topping the list as applicants in the relevant WIPO system.
Quantity matters, but China's objective is to make a bigger difference in quality as well. The creation of a flourishing semiconductor industry is one of the priorities of the Chinese government. In August, it rolled out a set of policies, mainly comprising of tax breaks, to encourage the growth of software sectors.
Against this backdrop, the city of Chongqing announced in September that it planned to establish a fund worth over $7 billion to help develop a semiconductor industry base.
This year's CIIE saw several leading semiconductor companies present their products and look for collaboration opportunities. Examples include Qualcomm and ASML. The Shanghai exhibition outlined additional potential areas of cooperation in other sectors – again with emphasis on innovation.
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