Agreement signed to boost innovation in SOEs

Authorities overseeing state-owned companies signed an agreement on Wednesday with the Chinese Academy of Sciences (CAS), a major government think tank, to boost technological innovation in state enterprises.

According to the strategic cooperation deal inked by the State-owned Assets Supervision and Administration Commission of the State Council and the CAS, both sides will jointly conduct technological innovation, share resources and develop deep and extensive cooperation on commercialization of research outputs, technological consultation and recruitment.

CAS-affiliated institutes and large state enterprises collaborated soundly in key state programs such as man-made satellites, the manned space program, the lunar exploration project and the manned deep-sea research submersible "Jiaolong," said an official statement released after the signing of the pact.

Under the agreement, state companies and CAS researchers will further cooperate in strategic and emerging industries such as energy saving and environmental protection, information technology, biology, high-end equipment manufacturing, renewable energy, new materials and green vehicles.

The role of enterprises in technological innovation has been prioritized by the Chinese government, as an official innovation guideline issued by central authorities in late September urged enterprises to become pillars for innovation, followed by research institutes and universities.

The move aims to "integrate innovation with the economy," according to the guideline.