China still has five years to go before it accomplishes the goal of building the comprehensive well-off society by 2020.
Facing the slowdown of the economic growth, the government has been working hard to transfer the pattern of economy development as well as finding other driving forces.
A set of policies was formulated to incentive innovation and entrepreneurship and people’s enthusiasm to start up their own businesses is huge.
An expert from Chatham House in London said that China is on the right path while proper environment and base for innovation and entrepreneurship is called for.
SOUNDBITE: (English) ROD WYE, CHATHAM HOUSE
“Innovation and entrepreneurship are going to be fundamental, in moving china, from its present stage to a higher stage if you like, the next stage, moving china industry of the value change, but incentivization, really is the only part of the answer of that. Because it needs to be done within the environment that is conducive to innovation and entrepreneurship, it means providing an effective legal system to protect entrepreneurship property, and need to provide basis for entrepreneurs to be able to develop their businesses in confidence, it needs to allow for room to fill, entrepreneurs under ways of successful, and these are big challenges for government that places such stress on conformity and success. “