China's premier talks up education in the country's bid to boost innovation | FI SENSE

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According to CNBC, China’s second-in-command emphasized the country’s need to build up its own talent, as tensions with the U.S. simmer in BEIJING.

As on Thursday, Chinese Premier Li Keqiang was addressing reporters immediately after the close of the largely symbolic annual parliamentary meeting.

China’s development plan for the next five years – and goals for the year 2035, the so-called Two Sessions officially approved this year. The document lays out seven areas of scientific research that Beijing plans to focus on in an effort to build technological “self-reliance.” Li repeated calls for the U.S. to cooperate and not interfere with China’s “internal” affairs, and focused most of his comments on how Beijing intended to bolster its own economy .

According to a CNBC translation of his Mandarin-language remarks. Li said, “I want to say a few words to young students. Regardless of what your future career or ambitions are, you must strengthen your learning of basic knowledge.” After stressing the need to support scientists in research and development. Li said, this knowledge “goes hand in hand” with innovation. He also said that this 2021, China is determined to improve training of teachers in rural areas, and migrant children with urban resident permits must receive an education. Li also said that China needed to collaborate with other countries on technological development. In addition to domestic talent development and investment research.

Fewer details on changes for foreign business

During last year’s same post-parliamentary meeting with reporters, the comments contrast with Li’s emphasis on attracting foreign businesses. Li repeated Beijing’s commitment to open its market further to foreign businesses and investment.

As on Thursday, in a government work report delivered March 5 and his remarks to reporters. Beijing had rushed to pass a new foreign investment law during the Two Sessions in 2019, and subsequently pushed ahead with removing foreign ownership limits in major parts of the financial industry. Instead, the premier’s remarks focused more on the potential from China’s growing economy and the state’s efforts to support over 1.4 billion people.

The tone during this year’s parliamentary meeting was more subdued. While noting the country’s aging population creates new business opportunities, Li said the government would expand reimbursement programs to improve the elderly’s access to health care. He also added that the government would improve protection for some 200 million “flexible” workers who don’t hold traditional jobs with regular working hours. Li struck a confident tone in China’s ability to find talent to lead that research — and emphasized that anyone in the country could contribute to the national effort to promote innovation, on the Thursday.

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