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Technological and institutional developments promote massive innovation

(People's Daily Online)    14:52, June 02, 2015

China's further economic development is empowered by technological innovation, institutional innovation, and innovation on a scale from minor to massive.

Statistics show that business R&D expenditure in 2014 made up 76 per cent of China's total R&D expenditure. Research personnel in the business sector account for 77 per cent of the national total. Business is becoming the main driver of technological innovation. Companies are entering mid- to high-end markets with the help of technological innovation.

Technological innovation gives energy to traditional industry as well as to emerging industries. There are growing numbers of robots in factories. New technology including big data, cloud computing, mobile internet, and new energy cars give impetus to the development of advanced technology enterprises.

Furthermore, technology innovation benefits China's enterprises as they go global. They signed conctracts worth USD 3.7 billion overseas in 2014, two times higher than the values of those signed in the past few years.

Moreover, institutional innovation is a good supplement to technological innovation. Simplification of examination procedures and free access to research resources facilitate business innovation.

People are increasingly willing to innovate. More start-up companies are springing up all over China. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Yuan Can,Huang Jin)

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