Fair competition can stimulate innovation

Editor's Note: The Development Research Center of the State Council, the Ministry of Finance and the World Bank Group recently released a joint report pointing out that China needs to cultivate new drivers of economic growth and strengthen reform to further promote innovation in the economy. 21st Century Business Herald comments:

The report provides a set of systematic policy recommendations for China's transition to high-quality development, most of which have already been deployed by the Chinese government since the 18th National Congress of the Communist Party of China. After analyzing the new opportunities and challenges facing China's development, the report says China needs to eliminate the distortion in the allocation of resources, accelerate the diffusion of advanced technologies and innovations, and promote the invention of new technologies, new products and new crafts.

To be more specific, China should create a level playing field for all investors, strengthen the construction of human capital, more efficiently allocate financial and human resources, promote coordinated regional development and improve its regulation and governance to better handle the relationship between the government and market.