China’s tech economy faces huge risks if basic science research ignored, warns Tencent founder Pony Ma

Chinese technology tycoon Pony Ma Huateng, the founder and chief executive of internet giant Tencent Holdings, emphasised the importance of basic science to establish a solid foundation in technology, warning of the huge risks faced by the country’s tech development if it is ignored.

“Our achievements are like tall buildings built on the beaches. If the foundations [of basic science research] are not solid, the future risks are very high,” Ma said in an interview with China's state-run CCTV during the “two sessions”, China’s annual gathering of its legislative and political advisory bodies, which kicked off in Beijing on Sunday.

“In the past, it was always [the Chinese] government that paid the most attention to basic science. [Private] companies lacked such investments. I hope more companies can join in basic science research, encouraging and supporting more young scientists to study cutting-edge technologies that may not see commercial returns in the short term.”

Shenzhen-based Tencent said last November that it would allocate 1 billion yuan (US$144 million) to support young scientists in basic science research.

The pledge from the Chinese billionaire is in line with the central government’s goal of recruiting and training more talent for basic science research, especially leading figures and young scientists, as the country competes with the US for tech supremacy.