China pledges more measures to stimulate innovation

BEIJING - China will do more in implementing the innovation-driven development strategy, and keep on making the Chinese economy more innovative and competitive, Premier Li Keqiang said Monday when delivering a government work report at the annual parliamentary session.

The country will empower innovation teams and leaders by seeing that they have more human, financial, and material resources at their disposal and more power to make decisions related to technology roadmaps.

Overseas Chinese students are encouraged to return to China to pursue business and other innovative ventures. The country will also attract more foreign talent, Li said.

Basic research and application-oriented basic research will be strengthened. A number of major science and technology innovation programs will be launched, and top-quality national laboratories will be set up, the premier said.

Enterprises are encouraged to head up major science and technology programs. Collaborative innovation by research institutes, universities, and enterprises are also supported, according to him.

China will establish a state financing guaranty fund, support leading innovative enterprises in going public, and extend nationwide the pilot preferential tax policies for venture capital investment and angel investment, Li said.