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March 6, 2015

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President Xi stresses need for innovation

CHINA is to quicken the pace of its free trade zone strategy and turn institutional innovation into a strong impetus for the country’s development, President Xi Jinping said yesterday.

Speeding up the implementation of free trade zones is an important part of a new round of reform and opening-up, he said. China should aim for high-standard trade and investment rules and strengthen its capability for allocating financial resources around the world and better serving the country’s economic development, he added.

Xi made the remarks during a meeting with lawmakers from Shanghai in a panel discussion of Premier Li Keqiang’s government work report.

Xi urged the city to continue its leading role in spearheading the country’s ongoing reform, opening-up and innovation drive in an effort to make greater contributions to the nation’s reform, development and stability.

“Innovation is the most important driving force for development,” said Xi.

To adapt to the “new normal” of the economy, the key is to shift the growth momentum and aim at getting a bigger boost from science and technology innovation, he said.

The term “new normal” refers to slower growth but higher quality.

China’s economy slowed to 7.4 percent in 2014, its weakest annual expansion since 1990.

China should turn innovation achievements into actual productivity at a faster pace, and the foundation of innovation is talent, Xi said.

“Whoever has the top-tier innovation talent can occupy the leading position in science and technology innovation,” he added.

Xi said the government should take more active policies to attract innovative professionals at home and from around the world. “We should be more open to gather a group of leading talent in various fields with global outlooks and capabilities,” Xi said.

Shanghai Mayor Yang Xiong told Xi that the city was planning to establish a national scientific center “with global influences” at Zhangjiang High-Tech Park in the Pudong New Area.

The center will integrate resources from the city’s government, universities, scientific research institutes and companies.

“The center aims to solve the problems including the city’s weak scientific innovation ability, inadequate fruits evolved from the researches as well as a shortage of high-end professionals,” Yang said.

Yang said the center is expected to greatly enhance the city’s high-tech research and development abilities as well as upgrade China’s status in international innovation and the city will spare no effort to attract more scientific professionals.




 

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