Zhou Shiping (C), director general of the State Administration for Industry and Commerce, together with Luo Hui (R), president of the Association of the Chinese Innovation Strategy Research Institute, joined representatives of the All China Journalists Association to discuss China's recent innovation-based development trends in Beijing on Dec. 23. [Photo/www.zgjx.cn]

Zhou Shiping, director general of the State Administration for Industry and Commerce, together with Luo Hui, president of the Association of the Chinese Innovation Strategy Research Institute, joined representatives of the All China Journalists Association to discuss China's recent innovation-based development trends in Beijing on Dec. 23.

Throughout 2015, China has been adjusting to downward economic pressure. In light of the country's "new normal" economy, the focus has shifted to the importance of mass innovation and entrepreneurship in implementing new growth strategies.

At the 2015 National People's Congress, Chinese Premier Li Keqiang stressed the country "needs to develop the ‘twin engines' of popular entrepreneurship and mass innovation to drive development."

According to Xinhua news agency, the State Council has vowed to execute reforms and encourage a better environment for popular entrepreneurship and mass innovation by lowering barriers, strengthening public services and encouraging college students, scientists and engineers to start new businesses.

"These reforms are in line with the government's broader development strategies," said Zhou Shiping. "They've created a level, competitive playing field to inspire innovation and encourage people to free their minds."

Luo Hui revealed that, "In China's 'new normal' economy, traditional development models are rapidly being transformed."

Currently, "Mass innovation and entrepreneurship strategies are an imperative part of the innovation-based development plans outlined by the government."

"These reforms put businesses first and allow market trends to lead sustainable, healthy growth," said Luo, adding that, "The market can better dictate and encourage development, and people are being encouraged to open their own enterprises."

China's focus on innovation, spearheaded by entrepreneurship, together with the country's broader development strategies and initiatives, indicates the emergence of the "sharing economy."

Essentially, this represents shared access to goods and services based on peer-to-peer exchange and collaboration.

Chinese policymakers have become increasingly aware of this emerging economic model, especially in the context of "market driven" development trends and the more liberal nature of "collaborative consumption."

"On the one hand, we need these open reforms," added Zhou Shiping, admitting "on the other hand, we need social oversight, joint governance, and self-discipline."

Strict oversight notwithstanding, the government's policies are beginning to foster "an environment of innovation with entrepreneurial individuals looking toward a promising future," Luo added.

Go to Forum >>0 Comment(s)