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revent China's technological innovation. U.S. restrictions, interference, sabotage and blockades will not affect China, said Geng, adding that temporary setbacks will only inspire the Chinese people's intelligence and boost their morale. "We ar

e confident in China's technological progress and development," he added.Chinese Science and Technology Minister Wan Gang and

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Secretary-General Xu Jianpei take questions on innovation-driven development at a press conference for the fifth session of the 12th National People's Congress in Beijing, capital of China, March 11, 2017. (Xinhua/Li Xin)Chinese Science and Technology Minister Wan Gang (2nd L) answer

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s questions on innovation-driven development at a press conference for the fifth session of the 12th National People's Congress in Beijing, capital of China, March 11, 2017. (Xinhua/Li Xin)Chinese Science and Technology Minister Wan Gang answers questions on innovation-driven development at a press

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conference for the fifth session of the 12th National People's Congress in Beijing, capital of China, March 11, 2017. (Xinhua/Jin Liwang)BEIJING, Dec. 28 -- A draft revision to China's Securities Law was adopted Saturday by the country's top legislature, a milestone in China's capita

in and restr

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l market reform. It was approved at the end of a six-day bimonthly session of the National People's Congress (NPC) Standing Committee. Effective on March 1, 2020, the revised Securities Law has 14 chapters, outlining regulation details in securities issuance and trading, the takeover of listed companies, information disclosure as well as investor protection. The latest revision to

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the law highlights rules on the newly-devised science and technology innovation board, which will pilot a registration-based initial public offering (IPO) system. Under the current IPO system, new shares are subject to approval from the China Securities Regulatory Commission (CSRC) before being listed. The revised law has changed the requirement of issuing new s

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hares from "capable of continuous profitability" to "capable of continuous operation," authorized stock exchanges to review public offering applications, and made information disclosure requirements stricter. "The State Council will decide the scope and steps of the registration-based reform, allowing a flexible and step-by-step agenda of the reform," Cheng Hehong,

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director of the legal department of the CSRC, told a press conference. In April 2015, the draft revision to the law was submitted to the top legislature for the first reading. The second, third and fourth readings were reviewed in April 2017, April 2019 and December 2019, respectively. Another major revision is the strengthened protection of investors, especia

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lly small and individual investors, said Gong Fanrong with the NPC's Financial and Economic Affairs Committee. The revision sets a general framework to encourage small and individual investors to take the initiative in class action lawsuits and introduces compensation in civil litigations. The new law also increases the penalties for illegal activities in the securities sector.

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It not only stipulates the confiscation of illegal proceeds but also pledges stricter administrative punishments. For instance, if a firm indulges in fraudulent public offerings, and does not issue the securities, it would face fines of between 2 million yuan (around 280,000 U.S. dollars) and 20 million yuan. This contrasts with the previous standard between 300,000 yuan and 600,000

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yuan. Individuals responsible for fraudulent offerings will face much higher punishments of between 1 million yuan and 10 million yuan, according to the latest revision. Those under investigation will face a longer suspension term for securities trading, while serious law violators will be banned from market entry for a specified period. "The revised Securities Law provides an important legal framework for China's capital market and it will facilitate the capital market reform to advance in a legal-based and market-orient

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ed manner," said Fu Lichun, a senior researcher of the Northeast Securities.Some participating in Silicon Valley conference suggest forming planThe United States should stop lamenting China's technological innovation and advances in artificial intelligence and focus instead on investing in education and science research, experts from both countries said.At Saturday'

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s Committee of 100 annual conference in California's Silicon Valley, Feifei Li, chief scientist at Google Cloud AI/ML and director at the Stanford AI Lab and Vision Lab, said the administration of US President Donald Trump should continue to invest in basic science, STEM (science, technology, engineerin

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g and mathematics) education, research and public universities to "invest in the future".In response to skepticism and concerns in the US that China will overtake the US in AI research and applications, Li said "there will always be competition" in science and tech innovation, but the fundamental question for the US governme

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    nt to ask itself is whether

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cutting the federal budget, which would eliminate some research programs that affect NASA, energy research and climate and environmental science programs."If the US is not willing to increase its investment in science, technology and AI, then no amount of measures against China through tariffs, through other restrictions (are) going to keep the United States' leadership (in those fields)," former US am

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bassador to China Gary Locke said at the C100 summit luncheon.Locke said it's ironic that some US politicians who criticized China for its decadeslong low-end economy of high pollution are now objecting to China shifting toward an innovation-and-tech-based economy."It's only natural for China (to transform in this direction)," he said.Meanwhile, Li emphasized that "science fundamentally has no borders. Not a company nor a country owns technology," she said, adding that she wants to see AI developed fo

r the good of humanity."At the end of the day, we will all benefit," Li said."We can develop new companies and technologies. There is tremendous value to the consumers," said Jonathan Woetzel, director of the McKinsey Global Institute, on t

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he vibrant dialogue between tech entrepreneurship in Silicon Valley and China.BE

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science and technology held Tuesday.Wan said initial figures showed the value of technology transactions in China was anticipated to amount to more than 1.14 trillion yuan, and the scientific and technological progress contribution to the country's economic growth in 2016 had increased to 56.2 percent.He said that China was a world leader in invention patent applications, ranking third place, with over one million invention patents.At the conf

erence, Wan also



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