Production of semiconductor chip File photo: VCG

China’s technology innovation and its investment in research and development remains on a path of rapid growth, and the country will continue prioritizing support for innovation, Finance Minister Liu Kun said in a keynote speech delivered at the opening session of the China Development Forum (CDF) held in Beijing during the weekend.

The comment came after a US congressional hearing on TikTok on Friday, which added to the flurry of Washington’s “witch-hunting” moves against Chinese high-tech firms that analysts said laid bare the US’ desperation to preserve its technology supremacy amid heated global competition.

Against the backdrop of the US restrictive measures, observers said the Chinese official’s comment mapped out a clear blueprint of China’s technological development path, with the whole-of-society system advantage being highlighted as playing a critical role in mobilizing resources and leading to industrial progress.

Walking this path, China will