Ready to be world's largest spender on R&D

"We hope to offer scientists more confidence and determination to devote themselves to basic science, stimulate more zero-to-one innovations, and offer more impetus for scientific and technological innovation."

Tencent, he said, is also aiming to explore innovative models of long-term stable support for basic science through social funds, which is also in line with the government's encouragement for companies to play a bigger role in driving social progress and economic development.

Earlier this year, China's top leadership said in Qiushi, the flagship magazine of the Communist Party of China Central Committee, that more efforts should be made to steadily increase financial investment in basic research, encourage enterprises to increase investment through various means such as tax incentives, and encourage them to establish scientific funds, donations and other diversified investments.

Currently in China, several major tech companies are striving to invest in R&D. The NBS said in September that many companies are expanding their investments in important sectors, laying a solid foundation for breakthroughs in core technologies across key fields.

Huawei Technologies Co, Baidu Inc and iFlytek are among the companies devoting funds for R&D that could help not only themselves, but the society at large, by creating social goods.

For instance, in 2018, Alibaba Group initiated the Damo Academy Youth Orange Award to encourage young researchers under 35 to pursue innovations in fields like theoretical mathematics, quantum physics, medicine and semiconductors. It carries prize money of 1 million yuan each. Some 53 young researchers have received the award so far.

Peng Wensheng, chief economist and research head at China International Capital Corp, said in an earlier interview with China Daily: "As demographic dividends gradually decrease, China's economy will rely more on technological innovations in the future. To achieve such technological progress, continuous R&D investment is key. China's R&D investment must be increased 'substantially' in the coming decades to overcome what we call the late-mover disadvantage."