State Council Reiterates Importance of Innovation-Driven Development

On July 27, the State Council released Opinions on Strengthening Implementation of the Innovation-driven Development Strategy and Furthering Mass Innovation and Entrepreneurship for Deepened Development. The opinions include multiple tasks assigned to government ministries in five main areas: (1) accelerating the commercialization of scientific achievements, (2) expanding financing channels for enterprises, (3) promoting the transformation and upgrading of the real economy, (4) perfecting incentive mechanisms for talent, and (5) administrative reform.
 
The Opinions follow the Outline of the National Innovation-drive Development Strategy released on May 19, 2016 and the Opinions of Vigorously Promoting Mass Innovation and Entrepreneurship on June 16, 2015. Both documents were released by the State Council, and Premier Li Keqiang first introduced the idea of Mass Innovation and Entrepreneurship during the National People’s Congress in 2015.