State Councilor Wang Yong gave a speech at the award ceremony of the 2018 innovation competition of central State-owned enterprises (SOE) in Beijing on June 14, stressing the further development of mass entrepreneurship and innovation.

Central SOEs are the nucleus of the nation’s science and technology innovation, as well as an important force to promote technological progress in all the industries, Wang said.

“We must see mass entrepreneurship and innovation as an important part of the reform and development of central SOEs and the construction of the country’s innovation system,” he added.

He also said it is necessary to make breakthroughs in a number of core technologies with the wisdom and the power of different sectors.

Meanwhile, efforts should be made to transform and upgrade traditional industries and cultivate emerging industries, expanding effective and medium-to-high-end supply, he said.

High-level online and offline platforms should be set for mass entrepreneurship and innovation and an industrial ecology should be built for all kinds of market players to conduct collaborative innovation and achieve win-win results, he added.

It is important to take mass entrepreneurship and innovation as an opportunity to promote reform, and encourage enterprises to innovate their systems and management mode, Wang said.