According to the Government Work Report, China will strengthen efforts this year to encourage innovation-driven growth in 2022, with a particular focus on encouraging research and engineering innovation as well as industrial upgrading. Li Keqiang stated in Beijing on Friday during the commencement of the fifth session of the 13th National People’s Congress., the country’s top state senate, that the country will roll out more strategy programs to facilitate firms to engage in research and development this year in order to create new drivers of growth.
According to the statement, China will try to expand exempt insurance for small businesses. and medium-sized high-tech enterprises from 75% to 100%, provide tax breaks to businesses that engage in basic research and improve policies on accelerated depreciation of equipment and tools and preferential corporate income tax for new and high-tech businesses.
Looking ahead to 2022, China will produce a remarkable push to strengthen manufacturing’s competitive strength, promote the industry’s stable performance, assure the source of raw materials and critical spare parts, and preserve the stability and security of industrial and supply chains.
According to the research, China will undertake a series of industrial foundation re-engineering projects, assist in the upgrade of historic industries, accelerate the development of modern manufacturing clusters, and launch a national program to support critical emerging industry clusters. It will also aim to foster specialized and advanced businesses that create new and distinctive products.
More measures are needed to promote the growth of the e-commerce economy, to build more digital data infrastructure, to apply 5G technology on a broader scale, to advance industrial digitalization, to accelerate the development of the Smart Factory, to build up virtual industries such as integrated circuits and artificial intelligence, and to improve China’s technical development and to provide abilities for key software and hardware.
According to an Israeli mobile marketing analytics business, an increasing number of Chinese gaming developers are pursuing abroad markets for growth this year, as they are committed to generating high-quality games to attract worldwide customers. Chinese gaming corporations are also interested in Latin America, particularly Brazil and Mexico. “Last year, gaming Chinese marketers who moved into Latin America showed a clear upward trend. This year, I predict that more Chinese gaming companies would seek to expand in Latin America “Wang continued.