First, remove the barriers that constrain innovation. We are committed to building a pro-innovation government, and the top priority is to streamline administration and delegate government powers. This, in fact, has given more room to the market and lowered the threshold of market access. For the past year and more, central government departments have removed or delegated to lower levels administrative approval on over 600 items. The business registration reform introduced last March triggered a massive surge in the number of newly established businesses. Through vigorous reform, we hope to reduce intervention in innovation, so that everyone with the willingness and ability to create and innovate will have the chance to succeed, leading to a situation of entrepreneurship and innovation by all. This way, we can turn China's demographic dividend into talent dividend, and ensure that reform and innovation are pursued to enrich and benefit the people. This, in turn, will enable us to deliver all-round development for the people, and promote the development of an equitable society and a sustainable economy.

Second, put in place mechanisms that encourage innovation. We will accelerate the reform of the science and technology system, improve the mechanism of R&D outcome utilization and proceeds distribution, and apply incentive policies such as equity and options so that innovators will have more autonomy in their research and inventors will get their fair share of reward. It should be underscored that all law-abiding businesses operating in China will receive national treatment. Foreign businesses enjoy the same preferential polices in their R&D activities. Their innovations are equally deemed "Created in China" products and their brands Chinese brands. We will also put in place social security and assistance systems covering the entire population so that all entrepreneurs and innovators will have a "safety net" to fall back on if and when they fail, and those who fail in innovation may reflect on themselves and start new entrepreneurial endeavors.

Third, create an environment that protects innovation. China is committed to turning itself into the most attractive country for innovation and entrepreneurship, a country that offers a huge market demand, and more importantly, a sound legal system, a well-regulated market and an inclusive culture. The Chinese government has made continuous efforts to strengthen IPR protection and combat IPR infringements, fake and counterfeit products and other illegal acts. Protecting intellectual property is protecting the seedling of innovation and the market order of fair competition. Ultimately, fair competition and honest business operation can help both Chinese and foreign companies achieve sustained and sound development.

Fourth, cultivate an innovation-driven economy. As we Chinese often say, there is no making without breaking. The traditional way of extensive growth is no longer viable for China. To realize quality, efficient, energy-saving and environment-friendly growth of the Chinese economy, it is imperative to pursue growth driven by innovation. We support companies in making innovation in technologies, management and forms of business, and translating innovation outcomes into actual productivity at a faster pace. We will unlock the huge potential of domestic demand through innovation, remove the bottleneck of energy, resource and environment constraints, promote development of the service, high-tech and emerging sectors, and optimize and upgrade the economic structure, in order to achieve leapfrog development of the Chinese economy.

The innovation that China seeks is open innovation. We cannot possibly pursue innovation behind closed doors, and we stand ready to engage with all governments, institutions and businesses with a genuine interest in win-win cooperation. No matter how developed it becomes, China will always need to draw upon the strengths of other countries and keep introducing advanced technologies, managerial expertise and talents from others. And China will always be a major country committed to learning, to opening up and to encouraging innovation.