Xi stresses innovation to drive economic transition

BEIJING - Chinese President Xi Jinping on Monday said innovation should be the driving force behind development model transition and economic restructuring.

Xi made the remarks during a meeting of the Central Leading Group on Financial and Economic Affairs in Beijing.

A report on innovation was discussed at the meeting attended by Premier Li Keqiang, Liu Yunshan and Zhang Gaoli, all are members of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee.

With the rising role of technology in economic and social progress, development based on factor costs, large-scale investment of resources and consumption of the environment cannot continue, Xi said.

China must take the opportunity to lead a new wave of global technological competition. Authorities should be clear in seeking technological breakthroughs and lead the world in some core technologies.

Xi urged authorities to work out concrete policy on innovation-driven development, and to implement a number of national major programs on science and technology and make breakthroughs on some programs and projects that demonstrate the nation's strategic intent.

The president stressed the value of talent in various fields and necessary improvements to the incentive system to arouse the innovation passion of the scientific staff and entrepreneurs.

Enterprises should be the primary innovators, and the market should be given a decisive role in allocating resources, Xi said.

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