SINGAPORE—China upped the stakes in its tech race with the U.S. as leaders laid out plans to speed up development of advanced technologies from chips to artificial intelligence and quantum computing over five years. In a draft economic blueprint unveiled at the country’s annual legislative gathering, officials said they would boost research and development spending by more than 7% annually over the five years to the end of 2025. […] Chinese Premier Li Keqiang said in a speech Friday that China will revise regulation and policies to support the flow of venture capital into startups, free up bank lending and extend tax incentives to encourage research and development. Economists and industry analysts say China’s 14th five-year plan stands out for its emphasis on advanced technologies and innovation. […] China’s leaders are pushing to rival the U.S. in cutting-edge technologies and in developing an independent supply chain to wean companies off dependence on American suppliers.
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