China's Strategic Move: Boosting Basic Research and Manufacturing

The State Council of China emphasizes expanding investment in basic research and directing foreign capital towards advanced manufacturing. The council calls for fostering startups and unicorn companies in key sectors, urging government investment funds to guide responsibly while avoiding indiscriminate projects.

The State Council of China has announced the need to enhance investment in basic research and channel more foreign capital into advanced manufacturing sectors. This development was made clear during a cabinet meeting reported on Friday.

The council is advocating for the nurturing of startups and unicorns within critical industries, recognizing their importance in fueling economic growth. Additionally, the government intends to leverage its investment funds to offer strategic guidance.

However, there's an emphasized caution against hastily throwing resources at projects without thorough evaluation, ensuring a balanced and sustainable approach to development, as reported by state broadcaster CCTV.