China to put state-owned firms, capital to work nurturing tech champions

China has pledged to provide a range of supportive measures to promote the diffusion of advanced technology through all levels of the country’s economy, as Beijing seeks to strengthen frontier industries such as artificial intelligence amid an intensifying rivalry with the United States. In its annual work report, the government urged state-owned enterprises to take the lead in opening their vast industrial ecosystems to emerging technologies, and vowed to supply the necessary funding for all companies – from start-ups to public firms – to pursue new innovations through their “full life cycle”. Delivered by Premier Li Qiang at the opening…