China plans to establish BRICS innovation base: Minister – The Financial Express

China has said that it is actively considering establishing a BRICS innovation base to strengthen practical cooperation with the five-member bloc, urging it to focus more on digital transformation, especially in 5G, Artificial Intelligence and the digital economy in the post-COVID-19 era.

China is vigorously promoting the resumption of work across the entire industry chain, and is keen to see more development in new industries such as 5G, AI and the industrial Internet during the COVID-19 pandemic, Minister of Industry and Information Technology Xiao Yaqing said during a video meeting of the BRICS industry ministers on Monday.

The meeting adopted a joint statement on cooperation in new industries among BRICS (Brazil, Russia, India, China and South Africa) countries, state-run media reported on Tuesday.

China is actively considering the establishment of a BRICS innovation base in the country in order to strengthen practical cooperation with the BRICS bloc, Xiao said.

He urged the BRICS countries to strengthen their cooperation on digital transformation, especially in 5G, AI, the digital economy and others to promote the digital transformation of enterprises and their innovation capabilities, and to promote sustainable economic and social development.

“At present, growth in China’s industrial economy is gaining momentum, in turn supporting the steady recovery of China’s overall economy, and contributing to a new impetus and stability in the global industrial chain and supply chain,” Xiao said.

China is committed to ensuring the production and supply of key medical materials, meeting China’s domestic epidemic prevention and control needs, and providing a large amount of material assistance to countries around the world to fight against the pandemic.

“BRICS countries should cooperate to promote economic recovery, strengthen communication and sharing their experiences in epidemic prevention and control, guarantee medical supplies, resume work and production, and promote economic development during COVID-19,? he said.

Xiao urged BRICS countries to strengthen the industrial chain and supply chain, enhance development resilience and the countries’ abilities to respond to risks, and jointly create a good development environment, he added.

According to a tally by Johns Hopkins University, more than 813,000 people have died of COVID-19 which has infected 23,676,599 globally.

Nearly 5.7 million cases have been reported in the US, making America the worst-hit country in the world after the disease emerged in the central Chinese city of Wuhan last year.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.