The Chinese government is committed to promoting the integration of the Internet and industries while encouraging mass entrepreneurship and innovation.

An Internet plus guideline was approved at a State Council executive meeting on Wednesday. It maps development targets and supportive measures for sectors which the cabinet hopes can establish new industrial modes, such as agriculture, energy, finance, public services, logistics, e-commerce, traffic, biology and artificial intelligence.

China's economy has faced serous downward pressure since the beginning of this year. However, at the 3rd round table summit of the Global CEO Council held in early June, Premier Li Keqiang reassured global CEOs that China is capable of maintaining an economic growth rate of around 7%.

Innovation and entrepreneurship were proposed as new engines of China's economic growth in the report on government work in March, 2015. The following months saw further policies to ignite this engine. In the month of June alone, the State Council convened four executive meetings on innovation and entrepreneurship. For each meeting, the State Council released new policies promoting innovation and entrepreneurship.

In an interview by Shanghai Securities News, Zhang Jun at Morgan Stanley Huaxin Securities said that the integration of Internet and traditional industries will bring reform and innovation to many existing models and inject traditional industries with a new vitality. Zhang added that the de-centralization of the Internet will offer the public an open and equal platform beneficial to the development of startups and innovation in the economy.