The National Natural Science Foundation of China (NSFC) on Monday launched the Private Enterprise Innovation and Development Joint Fund, aimed at enabling private companies to formally participate in national basic research efforts.

Under the new initiative, private enterprises will identify key research challenges based on their specific innovation requirements, while the joint fund will support leading researchers from across the country to address these critical problems.

NSFC Director Dou Xiankang said the fund is intended to leverage the NSFC's guiding role by encouraging innovation-driven private companies to increase their investment in foundational research.

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The initiative will focus on concentrating China's top scientific resources to address core scientific challenges in key technological areas. It will emphasize basic and applied basic research that aligns closely with urgent national economic and social development priorities.

According to the NSFC, this approach is designed to deepen the integration of technological and industrial innovation, stimulate private sector innovation, and inject new momentum into China's innovation-driven development strategy.

The fund's inaugural partners include four leading pharmaceutical companies: Hengrui Pharmaceuticals, Mindray Bio-Medical, Singclean Medical, and Qilu Pharmaceutical.

The NSFC said it plans to maximize the fund's role in guiding research, attracting top scientific talent from across society to strengthen basic research in the medical sector and jointly advance breakthroughs in independent innovation.

Source: Xinhua