As part of its aim to compete with the United States in crucial technology, China is increasing its ambitious start-up support program in fields such as microchip manufacture and biotechnology.
Xiao Yaqing, Minister of Industry and Information Technology, stated at a Monday press conference that the industry watchdog is ready to name roughly 3,000 tiny startup titans to boost local innovation.
Xi Jinping’s Aggressive Extensions
This will boost the total number of start-ups in China to about 8,000, the most aggressive expansion yet in President Xi Jinping’s latest drive to develop China’s technology capabilities in the face of strong rivalry from the United States.
According to Xiao, the government would help these enterprises establish a better supply chain environment by encouraging large corporations to make their markets, technology, and expertise available to them.
The Ministry of Industry and Information Technology has identified 4,762 tiny giants since 2019, many of them work in the semiconductor, engineering, and pharmaceutical industries.