China to accelerate innovation

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Chinese Premier Li Keqiang has acknowledged the role of innovation to boost China’s economy and pledged to promote innovation on a large scale and simplify business procedures for foreign companies.

"China will step up efforts to simplify administrative procedures and delegate power to lower levels, carry out administration in accordance with law, and build a mechanism and ecosystem that encourages innovation," Li said in a seminar with over 60 foreign experts working in China.

Li has long been a proponent of innovation As far back as 2004 at the Symposium for the 20th anniversary of the National Science Fund for Distinguished Young Scholars in Beijing the Premier said that institutional barriers to talent growth should be removed and scientific researchers should be encouraged to start businesses so that innovation can usher in a new round of productivity and drive economic growth.At a recent seminar Li promised to create a cultural atmosphere that encourages fairness, honesty and observance of law for entrepreneurs and innovators, and boosts an innovative economy. The government will also improve its service to foreign experts working in China by simplifying customs formalities, investment procedures and green card applications.

A total of 67 experts from 32 countries attended the seminar, including Nobel laureates Michael Spence and Edmund Phelps, and US futurist and best-selling author John Naisbitt.

Earlier this year Li was named the first new member for 2015 of the Shenzhen hackerspace, Chaihuo, when he visited it in January. At the time he also stressed the important role innovation plays in the development of the Chinese economy.