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China to promote high-tech projects in provinces

China’s Ministry of Industry and Information Technology (MIIT) has launched a nationwide scheme to promote 5G, artificial intelligence and blockchain projects in the country.

Companies can apply to register their high technology projects as “showrooms” for other industry players in the country to take references, the MIIT said in a statement. Applicants must be locally-registered companies with good social responsibility practices and relatively high capabilities in technological services and innovations, it said.

Each province or autonomous region can recommend up to 10 high technology projects, which can be learned, replicated and promoted by other provinces, it said.

The scheme is aimed at improving the quality of consumer products, enhancing innovation and improving the consumption environment in China. It was expected to help boost consumption demand in the country and stabilize local economies.

Last Friday, the People’s Bank of China (PBoC), the country’s central bank, announced it would cut the reserve requirement ratio (RRR) for small and medium-sized banks by 100 basis points in its latest effort to bolster the real economy amid the Covid-19 outbreak.

The RRR cuts will be implemented in two phases, with the first round of 50 basis-point reductions expected on April 15. The second phase of the reduction of an equal amount will be effective on May 15. The move is expected to unleash about 400 billion yuan (US$56.3 billion) of long-term capital into the market.

The Chinese economy will continue to demonstrate strong resilience against the global economic shock triggered by the Covid-19 pandemic, and its financial system is sturdy enough to fend off the risks that emerge, Liu Guoqiang, vice-governor of the central bank, said over the weekend.

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