China's central SOEs asked to enhance innovation capabilities

Source: Xinhua | 2018-05-24

The Chinese government has asked the nation's centrally-administered state-owned enterprises (SOEs) to sharpen innovation capabilities.

The Ministry of Science and Technology and the State-owned Assets Supervision and Administration Commission of the State Council have issued a joint document detailing reform plans of central SOEs' technology innovation drive, the Economic Information Daily reported on Wednesday.

SOEs have been asked to increase spending on research and development (R&D), make greater efforts on basic research and application of major technologies, according to the document.