Chinese govt has said that it plans to increase its annual R&D spending by 7% every year over the next 5 years. The govt is said to increase its expenditure on basic research by 10.6% in 2021 and set up more national labs to focus on the research of next-gen AI, quantum information, brain science, semiconductors, genetic. Other than that it will also support foreign-funded companies to set up R&D centres in China.