China to continue innovation-driven development strategy

BEIJING - China will continue to implement the strategy of innovation-driven development and promote mass entrepreneurship and innovation, said a statement issued Monday after the Central Economic Work Conference.

The Central Economic Work Conference, an annual meeting during which Chinese leaders review economic performance in the past year and map out plans for the next year, was held in Beijing from Friday to Monday.

Reform and innovation will inspire creativity and new growth engines while facilitating upgrading in traditional industries and growth in emerging ones, said the statement.

New measures will be explored to tap the potential of domestic demand and further expand consumption demand, according to the conference.

As the country is undergoing an upgrade of its development pattern from an investment- and export-driven model to one driven by innovation and consumption, China has announced a range of measures for emerging businesses, including financial support, supporting infrastructure and administrative assistance.

There are increasing signs that innovation is being embraced as a source of competitive advantage and meaningful advances are emerging in fields ranging from mobile apps, consumer electronics and renewable energy.

In the first half of 2015, newly registered enterprises had a total registered capital of 12 trillion yuan (1.9 trillion US dollars), up 43 percent from a year earlier.