Innovation is the soul of nation's advancement, Zeng
11 Sep '06
3 min read
Much will depend on improving educational systems, said Baba N. Kalyani, Chairman and Managing Director, Bharat Forge, India, and Co-Chair of the China Business Summit 2006.
More needs to be done also to help these innovators find the kind of financing they need to bring their ideas to the marketplace.
While financing in China is ample and money plentiful, “how will we make those resources available as venture capital for technological innovation and progress,” asked Chen.
Many of these improvements are already incorporated in the government's development plans. Growing links between industry and universities, he said, would help stimulate innovation and turn entrepreneurs into the linchpin of a fast-growing technology market. And China will strengthen its legal framework and enforcement of intellectual property rights, he said.
The government plans to invest in a wide range of fields to help China leapfrog existing technologies and become more competitive, from energy, aviation and information technology to biotech, nuclear power and exploration of the moon.
But many of the challenges for China's government going forward are similar to those that Japanese administrators have faced in the past 20 years, according to Yasuhisa Shiozaki, Senior Vice-Minister for Foreign Affairs of Japan – how to govern a rapidly developing nation while remaining transparent and giving citizen's a meaningful voice in their own government.
“The importance of so-called shared fundamental universal values – democracy, human rights, freedom of speech and the rule of law – should all be enhanced here in China,” he said.
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