In a move to woo multinational corporations to set up R&D centers in China and conduct with Chinese partners, Wu Bangguo, Chairman of China’s Standing Committee of the National People’s Congress, stresses that the Chinese government will protect the lawful rights and interests of all foreign investors and intellectual property rights holders in accordance with laws.

The move is part of the steps the Chinese government is taking to achieve the goal to turn China into an innovation-based country by 2020, Wu says in his keynote speech at the opening ceremony of this year’s annual conference of the Boao Forum for Asia.

“The Chinese government gives high priority to independent innovation,” Wu says.

The Chinese government has formulated the outline of the Medium and Long-term Scientific and Technological Development Program, which sets the targets for 2020, according to Wu.

The program contains three major goals: scientific and technological advances should contribute to over 60% of economic growth; dependence on imported technologies should be brought down to less than 30%; and third, research and development expenditures should increase to over 25% of GDP.

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And still you tell me, its a good idea to cap H1B visas at 65000 per year. Yeah. Let the rest go to China.