Innovation to be Put at Core for China's 5-year Plan
2015-10-30 09:41:00 CRIENGLISH.com

According to the communiqu¨¦ released following the 5th Plenary Session of the 18th Communist Party of China Central Committee, innovation will be placed at the core of China's development path in the next 5 years.

CRI's Xie Cheng with more on what this new focus on innovation means for China's economic growth going forward.

 

The communiqu¨¦ said that a number of sectors including science, technology and culture need to be made more innovative, and that China will continue to encourage mass entrepreneurship in the hope that it will lead to new technology.

Zhu Jianfang, an economist from CITIC Securities, spoke highly of the communiqu¨¦.

"It's unprecedented that innovation has been put into a very important position, especially a core position for China's future development, and it might even bring all the country's future tasks together."

For his part, renowned economist Ma Guangyuan believes that innovation plays a crucial role in China's future development, especially to accomplish the goal of building a society of moderate prosperity in all respects by 2020.

"Innovation will be indispensable for China's economy's further development, and the emphasis will become much lower on previous measures such as entirely relying on material factors, human resources or exports. Those countries which have been able to avoid the middle class income trap also prove that innovation is necessary after going through relatively rapid development period."

He notes that a system on public policies supporting and encouraging innovation needs to be formed.

The government has taken a series of measures to promote innovation, such as planning to encourage a system nurturing innovation and seeing to a better allocation of resources including labor, capital land, technology and management.

A range of measures for emerging businesses such as financial support, supporting infrastructure and administrative assistance have also been announced.

Zhu Jianfang suggested that innovation will not only influence China's economic and social development, but also bring benefits for a series of industries.

"The institutional and technological innovation will stimulate high-end manufacturing to develop on a higher level. Service industries, such as medical care and elderly care, will also gain greater scope for development, since innovation will bring institutional changes on those industries."

Statistics shows that over 3.1 million new companies were established in China from January to September.

In this period, the high-tech sector reported 10.4-percent growth in value-added output.

For CRI, I'm Xie Cheng.

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