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Premier makes China paradise for global innovators

Updated: Jul 26,2017 7:06 AM Beijing News

More and more overseas innovators are coming to China to realize their dreams as mass entrepreneurship and innovation become national strategies under the support of Premier Li Keqiang.

The Economist reported that Shenzhen in South China’s Guangdong province is attracting global entrepreneurs to make new and innovative products.

Innovation and invention are turning the former base of copycats and the Pearl River Delta into a region of advanced manufacturing clusters.

“China is promoting Internet Plus, a policy open for the world,” Premier Li said during the Annual Meeting of the New Champions 2017, also known as Summer Davos, in the northeastern coastal city of Dalian on June 28.

Premier Li’s words were considered a strong signal to the nation to welcome more foreign investors.

More and more foreigners saw business opportunities in China flourish with Internet Plus and upgraded consumption, while the country’s favorable environment for innovation and entrepreneurship facilitates their dreams.

Citing Shenzhen as an example, The Economist also pointed out that China is embracing open innovation and provides affordable solutions for all instead of trying to cover them up.

According to analysis, China’s innovative ecosystem, a combination of policy support and a complete industrial chain, has outpaced many countries.

GGV Capital’s Jenny Lee said in Shenzhen it only took half a year for hardware startups to transform an idea into products, while in the US the course usually lasts two years.

“The already frenetic pace of Chinese innovation is speeding up further,” The Economist said in an article. “Many multinationals have a listening post in the city to stay close to the latest trends.”

Shenzhen has become the global hub of innovation in smart manufacturing, favored by makers of all stripes.

Hans Uszkoreit, a professor with the European Academy of Science, said as the Chinese government and China’s industries are proactively promoting artificial intelligence and application of big data, coming to China to start a business will be the best opportunity to turn his research results into uses.

As Premier Li said, China’s innovation and entrepreneurship movement is open to the world.

“We should draw experiences and attract more foreign enterprises coming to China with capital, technologies and talents, to cooperate with each other for mutual benefits,” he said.