Innovation crucial as nation chases dream

Innovation will help China develop a knowledge economy as the country enters its next stage of reform and openingup, Oxford University scholar Fu Xiaolan said.

Such an economy is essential for China's sustainable long-term growth and increasing contribution to global development, said Fu, who is director of the university's Technology and Management Centre for Development.

"As Chinese companies grow their innovation and technological capability, China can also play a greater role helping other developing countries achieve innovationdriven and environmentally friendly growth," she said.