High-tech industry to speed up economic restructuring

China is to continue systemic reforms in science and technology to support economic development. Wan Gang, Minister of Science and Technology said at a press conference held on the sidelines of the CPPCC session that China's high-tech manufacturing has become a pillar industry. He says China is set to accelerate its economic restructuring by developing more high-tech industries. And now for more, let's go cross to our reporter Yin Hang, who has been attending the two sessions.

Good evening Lei. The Minister of Science and Technology Wan Gang recapped China's recent achievements scientific and technological system reforms. China spent a record 1 trillion yuan on research and development last year. Wan says China will further strengthen the role of industry and let it be the main driver of reforms in the sector. Take a listen to the detailed plans.

Wan Gang, CPPCC member of Minister of Science & Technology, said, "Let me introduce the macro situation first. The allocation of technological resources is an important issue. We especially need to focus on technology's driving power to economic development, and its supporting impact on social development. Thus, we should pay more attention on the market orientation of the allocation. For example, some research tasks, which could be industrialised, including large strategies, significant and special projects, could be carried out by the corporate sector. During the research, industries could develop at the same time. In addition, we provide tax breaks to high-tech firms, support small-and-medium companies in financing, and create markets for new products. In that way, we make technological innovations more market-friendly, and then solve the resource allocation problem."