A man examines a semiconductor wafer at the 2020 World Semiconductor Conference in Nanjing city. Photo: AFP

China will accelerate the development of quantum science and technology in promoting high-quality development and safeguarding national security, President Xi Jinping says.

Xi, who is also general secretary of the Communist Party of China (CPC) Central Committee, said the Central Committee played an important role in speeding up the development of quantum mechanics.

This was a major achievement in exploration of the sub-atomic world.

Xi made the remarks while presiding over a group study session of the politburo of the CPC Central Committee on Saturday.

Development of quantum science and technology was of great scientific significance and strategic value, Xi said. It was major disruptive technological innovation that impacted and restructured the traditional technological system and would lead a new round of sci-tech revolution and industrial transformation.

China’s scientific and technological workers have made great efforts to catch up in quantum science and technology and made a number of significant innovations with international influence. On the whole, China had the sci-tech strength and innovation ability in this field, he said.

However, he said such development still had many weak links and faced multiple challenges. He called for efforts to follow the path of independent innovation, make breakthroughs in key core technologies, ensure the safety of industrial and supply chains, and enhance China’s ability to respond to international risks and challenges with science and technology.

Fintech certification center

China has established a national fintech certification center in Chongqing municipality, the People’s Bank of China said Monday.

The establishment of the center in Chongqing marked a significant step in the implementation of the Fintech Development Plan (2019-2021), and was an active measure to improve the regulatory framework for fintech, said Fan Yifei, deputy governor of the bank.

The center should aim at national strategic needs, including innovation-driven development and the construction of the Chengdu-Chongqing economic circle, and build up its core competence by relying upon the national unified certification system for fintech products, Fan said.

It is expected to develop into a first-class, professional certification authority, serve as a “gatekeeper” for integrity, innovation, safety and compliance in fintech development, and strive to become a backbone in the joint governance system for fintech in China, thus empowering quality development of the financial sector, he said.

Economic growth

China’s gross domestic product expanded 4.9% year-on-year in the third quarter of 2020, faster than the 3.2% growth seen in the second quarter, the National Bureau of Statistics (NBS) said Monday.

In the first three quarters, China’s GDP expanded 0.7% year-on-year, returning to growth after the 1.6% contraction in the first half of the year and the 6.8% slump in the first quarter, the NBS said.

Major indicators showed across-the-board improvements, with industrial output rising 5.8% and retail sales reporting the first quarterly expansion, up 0.9% year-on-year in the third quarter.

Company news

China Tourism Group Duty Free Corp, the largest operator of duty-free stores int the country, has reported growth in revenue and profits in the third quarter despite Covid-19 shocks.

Between July and September, the state-owned giant raked in operating revenue of 15.83 billion yuan (US$2.35 billion), up 38.97% from a year ago, according to a statement filed to the Shanghai Stock Exchange. Net profit rose 141.9% to 2.23 billion yuan.

The company, also the parent of the China Duty Free Group, attributed the booming performance to the implementation of new offshore duty-free policies introduced in the island province of Hainan.

The stories were written by Xu Jiangshan and first published at ATimesCN.com. They were translated by Nadeem Xu.

Xu Yuenai is a Beijing-based columnist specializing in international relations.