Tycoons say innovation in China will buoy the world

The impact of innovation in China on global economic growth will increase as Chinese enterprises step up efforts to develop cutting-edge technologies to create new business models and upgrade manufacturing capabilities, tech tycoons said on Saturday.

Yang Yuanqing, chairman and CEO of Lenovo Group, the world's largest personal computer maker, said, "The restructuring of the international division of labor offers Chinese enterprises an opportunity to be a leader in technological innovation. By building up brands with international influence, China will make a bigger contribution to the global economy."

He made the comments at the B20 Summit in Hangzhou, capital of Zhejiang province.