(Yicai Global) March 10 -- Chinese government ministers recently spoke to reporters about a number of issues, including concerns over the Regional Comprehensive Economic Partnership agreement, consumption, fifth-generation mobile telecoms and Covid-19 vaccines.

Science Minister Wang Zhigang disclosed that during the 13th Five-Year Plan, which covered 2016 to 2020, central government investment in science and technology jumped 70 percent, with investment in basic research doubled.

His ministry will strive to push investment in basic research to about 8 percent of total R&D investment during the current 14th Five-Year Plan. Investment in basic research now accounts for 6.16 percent of total R&D spending.

Wang also said China has 17 Covid-19 vaccines undergoing clinical trials. Of them, seven are undergoing phase three tests and four have been conditionally approved for sale in the country.

Industry and Information Technology Minister Xiao Yaqing said that emerging strategic industries, such as chips for 5G and telecoms gear, should be developed in an orderly manner in accordance with the laws of marketization and legalization to prevent a capital rush.

At the end of last year, a total of 718,000 5G base stations had been built in China, and the country would build a complete 5G network in the future, Xiao added.

China’s government has reviewed the RCEP agreement, and some member countries are accelerating its progress. China hopes that the states involved will reach the threshold needed to ratify the treaty, with approval from six members of the Association of Southeast Asian Nations and three non-ASEAN members, Commerce Minister Wang Wentao said.

Wang also told reporters that consumption is expected to recover rapidly this year. 

Editor: Peter Thomas