The Significance of Innovation to China's Economic Development

Innovation is the soul of national progress, and scientific and technological innovation has increasingly become an important foundation and symbol of developing productive forces, and more and more determines the development process of a country and a nation. "Innovation is the first driving force for development. Grasping innovation means grasping development, and seeking innovation means seeking the future. The key to adapting to and leading the new normal of China's economic development is to rely on scientific and technological innovation to transform the development momentum. " This important exposition is a major judgment that conforms to the general trend of world science and technology development and faces the new normal of China's economic development. It is our party's new understanding of the role of scientific and technological innovation, which is of great practical significance for further exerting the important role of scientific and technological innovation, better implementing the innovation-driven development strategy, building an innovative country and providing strong support for building a well-off society in an all-round way. Innovation is the first driving force for development. At present, China's economy has entered a new normal. To achieve medium and high-speed growth and move towards the middle and high-end level, we must unswervingly promote the innovation-driven development strategy.

Historically, the rapid development of China for decades since the reform and opening up has led to increasingly prominent contradictions such as low industrial level, unbalanced development, and increased rigid constraints on resources and environment. The extensive growth mode that relies on factor input for a long time is no longer feasible, the pulling effect of external market on China's economy is weakening, and the traditional kinetic energy of China's economic giants is obviously insufficient, so it is urgent to find new kinetic energy. And this new engine can only rely on the improvement of total factor productivity, and its path is innovation.

Internationally, a new round of scientific and technological revolution is ready to go. Major economies in the world have been strengthening innovation deployment in unison, and have put forward strategies such as "re-industrialization" and "Industry 4.0". Innovation has become a wrestling field for great power competition. Whoever leads the innovation can lead the rules of the stadium and the competition process. As the second largest economy in the world, China cannot miss this competition. We must improve our core competitiveness through innovation.

By innovation, we mean comprehensive innovation including theoretical innovation, institutional innovation, scientific and technological innovation and cultural innovation. However, the most important, critical and core innovation is scientific and technological innovation, and the most difficult and challenging is scientific and technological innovation.