China's centrally-administered state-owned enterprises (SOEs) have initiated the establishment of 17 new innovation consortiums to promote science and technology innovation, according to the country's top state asset regulator.

These innovation consortiums will cover industrial software, computing power networks, new energy and advanced materials, among others, the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council said.

The move will bring the total number of centrally-administered SOE innovation consortiums to 24, data from the SASAC showed.

According to the SASAC, innovation consortiums mainly focus on strategic and basic technologies that require large investments and are difficult for one single entity to achieve breakthroughs.

These consortiums will enhance the cooperation among enterprises, universities and research institutes, and boost the entire innovation chain, including basic research and industrialization.

China's centrally-administered SOEs have previously established seven innovation consortiums, which have brought over 300 universities, research institutes, locally administered SOEs and private companies on board, effectively ensuring the security and stability of industrial and supply chains of the country.

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