Vice-Premier Liu Yandong said that innovation should play a key role in China’s development in the next five years, as outlined in a plan drafted in late October.
Innovative development is a key strategy formed by the Communist Party of China Central Committee, and it has overall and global meanings, Liu said in an article published by People’s Daily on Nov 11.
Innovation is ranked first among the five principles highlighted in the proposal of the 13th Five-Year Plan (2016-2020), which was adopted at the Fifth Session of the 18th Communist Party of China (CPC) Central Committee. The other four principles are coordination, green development, opening-up and sharing.
The proposal sets a target of “maintaining medium-high-level growth”. New technology, industries and business models will prosper through innovation and stimulation of entrepreneurship, according to the proposal.
In her article, Liu said that innovation is an important cornerstone for sustained economic growth and prosperity. As China moves into a new phase of development, more emphasis will be placed on encouraging mass entrepreneurship and innovation.
At a time of economic globalization, China’s innovation and development are creating more opportunities for the rest of the world, Liu said.
Whether China can skip the “middle-income trap” is mainly dependent on new engines of development being created through innovation, Liu said.
The vice-premier said that green technology, biotechnology, information technology, smart manufacturing, high-end equipment and new energy will be generously supported in the next five years. Support for research in fundamental sciences will lead to breakthroughs in sectors such as information technology and aerospace science, she said.
The proposal also set the goal of achieving higher quality and more sustainable growth. This means making structural reforms, and encouraging new growth engines in the Chinese economy driven by technology, innovation and mass entrepreneurship, Liu said.
The government will continue to encourage mass entrepreneurship through major scientific and technological projects, and by building a number of national laboratories with a goal to produce new technologies, said the vice-premier.