Shanxi to financially foster new quality productive forces

The office building in the innovation-driven platform in Taiyuan. [Photo/Shanxi Economic Daily]

This year, North China's Shanxi province has prioritized the guarantee of its financial expenditure in the field of science and technology to accelerate the cultivation and development of new quality productive forces.

The data released by Shanxi Finance Department shows that this year, the province has allocated 3.82 billion yuan ($527.92 million) of its general public budget for scientific and technological expenditures, representing an increase of 3.3 percent. 

Specifically, Shanxi has established an innovation-driven platform in Taiyuan as a pilot zone to promote the development of education and attract technology talents. In this regard, the province will provide financial support in areas such as scientific and technological innovation, as well as public services.

Furthermore, the province has allocated 1.2 billion yuan for the development of its digital economy, focusing on the digital transformation of traditional industries, such as coal, coal-fired power, and steel. This financial support aims to build up a new digital economy pattern that is characterized by the vigorous development of new technologies, new business, and new models.

From 2023, Shanxi has designated funds totaling 10 billion yuan for the development of its education, science and technology, and talent sectors, so as to advance the overall development of higher education throughout the province and enhance the core competitiveness of universities. 

Additionally, the province has allocated 4 billion yuan for its higher education sector this year, representing an increase of 1 billion yuan compared to 2023.