Central SOEs should be vanguards of innovation: state councilor

BEIJING - State Councilor Wang Yong asked central State-owned enterprises (SOEs) to be vanguards in pushing forward innovation-driven development.

"Innovation is the primary force of development," Wang said after listening to reports about State firms' technological achievements, ranging from high-speed railways to passenger airliners, when attending a week-long annual campaign to promote entrepreneurship and innovation

Acknowledging the efforts, Wang said more has to be done to further improve corporate competitiveness and deepen reforms.

Central SOEs should continue to improve their innovation systems with increased R&D investment, stronger technical personnel and more innovation platforms.

Wang said central SOEs should play the leading role in propelling innovation. "Integrated development with small and medium-sized enterprises should be accelerated," said Wang.

China is counting on entrepreneurship and innovation to stimulate the economy against the backdrop of slowing growth. A number of measures have been rolled out, including reduced red tape, tax breaks and other policy support.