China to fully support homegrown innovators, Xi says
Beijing will provide full support to those who make contributions to innovation in the nation, Chinese President Xi Jinping has said during a tour at a leading optical lens company in Fujian province.
Xi was visiting the Fuzhou-based Ricom, a major exporter of surveillance cameras, when he said China would not follow others in its own development and would support those with a “mission.”
“You can’t always follow others. Our country will give full support to those, regardless of their backgrounds, who have a sense of responsibility and mission, and those who can seize opportunities [in innovation]. Being able to contribute to our country is of utmost importance,” Xi on Wednesday told staff of the technological company, state media reported the following day.
Established in 1958, Ricom is a manufacturer of optical glass and lenses and a qualified supplier of optical products for military use, its website shows. It supplies lenses to Chinese smartphone makers such as Huawei, and has also supported the nation’s space initiatives, including the Shenzhou manned spacecraft program and the development of the Tiangong-1 space station, according to previous reports.
Chairperson He Wenbo earlier revealed that research and development expenditure in 2019 amounted to some 37 million yuan, or 6.47% of the company’s operating income.
Xi’s visit did not come across as positive in the eyes of investors. Shares in Ricom fell by some 10% in Shanghai trading on Thursday, closing at 29.98 yuan (US$4.59).
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