Liu He Says 5G+ Industrial IoT Presents China with Historic Opportunity, Calls for Financial Institutions to Expand Innovation Support

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One of China’s top economic policymakers has highlighted the role that 5G technology and the Industrial Internet of Things (IIOT) will play in the country’s future development.

“5G+ Industrial Internet of Things is an historic opportunity for traditional industry to achieve leaping development,” said Chinese vice-premier Liu He (刘鹤) on 20 November at the opening ceremony for the 2021 China 5G+ Industrial Internet of Things Conference (2021年中国5G+工业互联网大会) in Wuhan, Hubei province.

“China’ 5G network arrangements have a first mover advantage, and industrial applications scenarios are very rich.

“We must properly and fully make use of these advantageous conditions to supplement the shortcomings in the Industrial Internet of Things, and boldly explore transformative technological paths, to creatively resolve industrial challenges.”

Liu emphasised the role of private enterprise in technological development and the need for greater coordination with state-run initiative.

“Enterprises are the most active innovative force in technology,” said Liu. “We must strengthen the mainstay status of enterprise innovation, and enable more innovative resources to concentrate in enterprises.

“We must optimise the national laboratory system, improve mechanisms for coordination between tech research institutes and enterprises, strengthen industrial technology supply, and encourage core industrial chain enterprises to drive the coordinated innovation of upstream and downstream enterprises.”

Liu also called for the Chinese financial system to give greater support to innovation on the part of enterprises, and make greater use of fintech channels.

“Financial institutions must expand their support for enterprise innovation, explore the use of digital technology to extend credit to enterprises, and resolve the financing difficulties of small and medium-sized enterprises.”

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