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China opens key research projects to private investors

Updated: Jun 6,2017 11:19 AM     Xinhua

China will lift restrictions on the participation in research programs, announced a senior science official on June 5.

“We hope private firms will join key research plans and support research and transform results into achievements,” Huang Wei, vice-minister of science and technology, told attendees of the opening ceremony for the 11th China International Private Equity Forum, which began in the northern port city of Tianjin on June 5.

The government, companies and individuals should all play a part in ensuring diverse funding channels for innovation, he said.

In this respect, in March, the ministries of finance, science and technology released a funding guideline for research projects. It said that government departments would cease to manage key projects and allow professional agencies to manage the funding.