Industry News

Opinion

Large-scale innovation injects abundant momentum into development.

Looking at the history of global scientific and technological development, many technological innovations have previously triggered a rush of capital investment and became hot topics in a short period, but ultimately failed to transform into sustained productivity. One important reason is that innovation failed to achieve scale effects.

Large-scale innovation is an important support for deepening the value of innovation and sustaining its vitality. At present, the rapid development of artificial intelligence technology is leading a new round of scientific and technological revolution and industrial transformation. However, how artificial intelligence can continue to create real value and whether there is a risk of bubble have become issues of widespread international concern. The key to the steady and long-term development of artificial intelligence technology lies in promoting large-scale innovation in the field of artificial intelligence, deeply embedding the technology into a wide range of industrial scenarios, releasing real value in cost reduction and efficiency improvement, process reshaping, product innovation, and service upgrading, and integrating it into daily life with low cost, broad coverage, and high efficiency.

In terms of large-scale innovation, China has significant structural advantages. China has a super-large market and abundant application scenarios, providing a vast testing ground for the implementation of innovative technologies; it has a complete manufacturing system and strong engineering capabilities, enabling rapid transformation of technological breakthroughs into products, production lines, and industrial capacity; and it has a well-developed innovation ecosystem, with high-quality talent, a vibrant entrepreneurial atmosphere, sustained investment from industrial capital, and a growing community of technology enterprises, together constituting abundant momentum for innovative development.

These comprehensive advantages are driving China to become an important source of global innovation. From R&D validation and scenario implementation to commercial returns, an increasing number of new products, new models, and new business forms are moving from the Chinese market to global markets. At the same time, China remains committed to high-level opening-up, actively integrates into the global innovation network, participates in the formulation of international technical standards, attracts the agglomeration of global innovation resources, promotes the deep participation of domestic enterprises in global industrial collaboration, and injects valuable certainty into global scientific and technological innovation.

Policy

1. China rolled out a package of new measures on June 23 aimed at expanding automobile consumption across the industrial chain, with a particular focus on reforms in auto circulation and steps to boost the auto aftermarket. According to a circular jointly issued by eight departments, including the Ministry of Commerce, 40 cities nationwide have been designated as pilot areas for auto circulation reforms, each with priorities tailored to their local conditions.

2. China's commerce ministry, alongside other government departments, released an action plan on June 22 to stabilize and optimize foreign investment utilization. The action plan details 15 measures to be taken across five areas, which include expanding market access, facilitating investment procedures, enhancing investment promotion, strengthening services and guarantees for foreign investment and improving foreign capital management.

3. China's Ministry of Industry and Information Technology and six other departments have jointly issued an action plan to promote coordinated development of large, medium-sized and small enterprises in the platform economy from 2026 to 2028. The plan aims to advance innovation synergy, ecosystem synergy and openness synergy among enterprises of different sizes, fully stimulate the creativity and competitiveness of the platform economy, and promote deeper integration of the real economy and the digital economy.

Data

1. China's general public budget revenue reached 10.05 trillion yuan in the first five months, up 4 percent year on year, with the growth rate 0.5 percentage points higher than that of the January-April period, the Ministry of Finance said. Major tax categories performed well, with domestic value-added tax rising 6.2 percent during the same period, marking four consecutive months of improvement.

2. China has purchased over 30 million tons of summer grains so far, as the wheat harvest nears completion and procurement gets underway, according to the National Food and Strategic Reserves Administration.

3. According to the National Energy Administration, by the end of May, the total number of electric vehicle charging infrastructure units (charging guns) in China had reached 22.497 million, representing a year-on-year increase of 44.9 percent.

4. As of June 22, China's trade-in program has generated 5 trillion yuan in sales, reaching 630 million consumers. Among this, automobile trade-in sales accounted for 63 percent of the total.

5. China recorded 124 million domestic trips during the three-day Dragon Boat Festival holiday, up 4.4 percent year on year, with spending rising 4.0 percent year on year to 44.456 billion yuan, according to the Ministry of Culture and Tourism.

6. The combined GDP of the five autonomous regions—Inner Mongolia, Guangxi, Xizang, Ningxia, and Xinjiang—increased from 3.25 trillion yuan in 2012 to 8.66 trillion yuan in 2025, as data released at a press conference of the State Council Information Office on June 24 showed. People from all ethnic groups in the country are jointly advancing on Chinese modernization.

7. A total of 25,297 new foreign-invested enterprises were established in China in the first five months of the year, representing a year-on-year increase of 5.3 percent, with actual utilized foreign capital amounting to 327.29 billion yuan, according to the Ministry of Commerce.

8. Border crossings during the Dragon Boat Festival holiday in China hit 6.667 million, averaging 2.222 million per day, an increase of 12.9 percent compared to the same period last year, the National Immigration Administration said.

9. China's postal sector registered a robust expansion in parcel volume in the first five months, the State Post Bureau said. During this period, the business volume rose 4.3 percent year on year to 89.89 billion parcels, of which express delivery business volume reached 82.87 billion parcels, up 5.2 percent year on year.

10. China's foreign-related transactions remained active in May, with cross-border receipts and payments by enterprises, individuals and other non-banking sectors totaling 1.5 trillion U.S. dollars, up 22 percent year on year, according to the State Administration of Foreign Exchange.