MNI BRIEF: China Report Calls For More R&D, Equity Regulation
China should boost high-tech and reduce intervention in the economy, a leading think tank says.
China should accelerate high-tech investment and tighten equity market regulation as it bids to double national income and boost household disposable income, a prominent think tank said on Sunday.
China should increase R&D investment to around 3% from 2.64% in 2023, Chongyang Institute for Financial Studies at Renmin University of China said in a research report, calling for more cooperation between government departments and reduced intervention in the economy.
China should work to increase the average annual growth of residents' disposable income to 5%-6.5% since 2024, leading to a 70%-100% rise by the end of 2035, it said.
Over the next two years, China will continue to tighten regulation of IPOs and support the listing of more innovative enterprises, with a view to at least five of the top ten A-share companies by market value being new economy enterprises, the report said. (See:MNI INTERVIEW: China To Strengthen Stock Market Oversight)