Innovation to tap the new potential of China's economy

At present, the Chinese economy is in the “connecting period” of the transformation of new and old industries. Some traditional industries are fading out of the main position supporting economic growth. Some emerging industries are growing strongly, but they have not yet been able to take over to become the pillars. Experts pointed out that encouraging more people to innovate and innovate and activate every cell of the economic body is crucial to withstand the downward pressure on the economy, to smoothly and quickly pass the "connection period" and to tap the new potential of the Chinese economy. A few days ago, the State Council once again introduced specific measures to support the innovation of the people. In the "Opinions on Further Improving Employment and Entrepreneurship under the New Situation", it was pointed out that we must focus on cultivating new engines for mass entrepreneurship and innovation, and implementing more active employment policies. Entrepreneurial innovation drives employment.

"Connecting period" economic operation pressure

This year, China's economic opening has been running smoothly. The growth rate of around 7% has supported relatively full employment. The income of residents has increased at the same time, and the environment for energy consumption has improved. "But on the other hand, we must see that the downward pressure on the economy has continued to increase. The contradictions between the total amount and the structural contradictions have gathered, both insufficient demand and insufficient supply." Premier Li Keqiang said.

According to the analysis of the Politburo meeting of the Central Committee of the Communist Party of China, the current new growth momentum is being formed, external demand is shrinking, various internal contradictions are aggregated, and the economic operation trend is diverging, and the downward pressure is still relatively large.

At present, the traditional growth engine of industry, foreign trade and real estate has slowed down one after another. “Our traditional support forces are fading. At the same time, some emerging forces are growing, and some new industries are exploding. But not yet. Prime Minister Li Keqiang analyzed, "The industry and the region are now in a state of differentiation. It is necessary to first align the pulse: which should be preserved and supported, and form a new engine and new power in the future; what needs to be reformed and upgraded, and it cannot be shrunk. And what should be eliminated, it must be resolutely eliminated."

The economic downturn has also begun to have an impact on employment. Recently, Li Zhong, a spokesperson for the Ministry of Human Resources and Social Security, said that from January to March, the number of new jobs in cities and towns nationwide was 3.24 million, a decrease of 200,000 from the same period last year. According to a survey conducted by the Ministry of Human Resources and Social Security across the country, the labor market has seen a situation of “double supply and demand”. According to industry insiders, the decrease in new employment and the “double supply and demand decline” in the labor market indicate that the downward pressure on the economy is being transmitted to the employment side.

The government set up the market to sing the "protagonist"

Under the traditional economic model, the driving force for economic growth is declining. In order to gain new economic growth points and new impetus, it is necessary to reform and innovate related systems to adapt to the needs of the new economic normal. Some institutions that do not adapt or even hinder the formation of new growth points need to be adjusted or abolished through institutional innovation.

Therefore, institutional innovation is to deal with the relationship between the government and the market, to simplify the administration of power, to stimulate the vitality of the market, and to manage the affairs of the government. At the same time, create a fair competitive market environment, let the market play its due role, stimulate greater vitality, and let the broad masses enjoy the fruits of reform.

Premier Li Keqiang stressed that the stimulation of market vitality requires the government to clear the barriers, further relax market access, and set up a platform to clear the barriers, especially for small and micro enterprises that are entrepreneurial, and let them put their wings on and let them move forward lightly.

Reform has cultivated the soil of innovative mechanisms for the new normal of the economy, sowing the seeds of mass entrepreneurship and innovation. Nowadays, the innovative industry represented by the Internet economy has already produced fruitful results and has become a new engine driving China's economic growth.

The Chinese economy under the new normal is transforming innovation into a stronger driving force for economic growth. According to statistics, China has become the world's most growth-oriented information consumer market. In the first 10 months of this year alone, the online retail sales of units above designated size reached 330.7 billion yuan, an increase of 55.6%. The traditional business model is plugged into the Internet "wings", not only The achievement of the "Double 11" consumer carnival time, but also made the durable goods such as smart phones into fast-moving consumer goods, innovation has become the new engine of the new normal pull-down consumption.

Innovation stimulates core competitiveness

While exploring new growth points in China's economy, innovation is also pushing “Made in China” from the low end to the high end. In recent years, Chinese companies have paid more and more attention to the development and investment of innovative technologies, and regard innovation as their core competitiveness.

According to the National Bureau of Statistics, last year China's annual research and experimental development (ie R&D) expenditure increased by 12.4% over the previous year, equivalent to 2.09% of GDP, while the technical contract turnover amounted to 857.7 billion yuan, an increase of 14.8%. The World Intellectual Property Organization (WIPO) data also shows that the number of Chinese invention patent applications received in 2014 was 928,000, ranking first in the world for four consecutive years.

Experts pointed out that innovation is the key factor driving the transformation and upgrading of manufacturing industry and enhancing the core competitiveness of China's manufacturing industry. On the one hand, it can reduce costs and improve efficiency through technological innovation and promotion such as large-scale automation; on the other hand, it can open up and occupy new markets through new technologies and new products.

Driven by technological innovation, China's high-end equipment, represented by high-speed rail, nuclear power and aviation, has developed rapidly in recent years and has gradually gained recognition in the international market and become a new business card of “Made in China”. When Premier Li Keqiang visited China CNR Group recently, he stressed that it is necessary to integrate technology, R&D, manufacturing, training and other resources through reform and innovation, and cooperate with foreign infrastructure to create a "joint fleet" in which Chinese equipment goes out and participate in international market cooperation. Competition, enhance the core competitiveness of enterprises, and help China's economic development.

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