The importance of science and technology innovation
under the current system

With the rapid economic development in China, both industry and other sectors has an increasing demand for science and technology innovation, as a product of market economy, science and technology innovation is a business method, by improving the existing technology or based on brand new technology to create certain economic value.

Science and technology innovation has the following three features:

First, to gauge what is or will be a success, we need to see the degree of investment realization and commercial interests acquisition.

Second, science and technology innovation is a systematical engineering process, from the research and development of new product to its application in practical use.

Third, the main force in science and technology are enterprises, these traits are inevitable product of the new economic system.

So, where does the science and technology importance lie in?

First, science and technology innovation can contribute to the rapid economic growth of enterprises.

To borrow the theories of comrade Deng Xiaoping and Jiang Zemin: “Science and technology are the primary productive forces” “Innovation is the soul of one nation, is the motive force to make a country prosperous”. The two words very accurately pointed the importance and nature of science and technology innovation out, only by means of science and technology innovation, intensive economic growth can be realized. To seize the initiative in the fierce international industry competition to make the economy grow rapidly, the first thing which needs to be settled is the issue of resource waste.
Second, science and technology plays an important role in increasing the economic benefits of enterprise.

We can draw lessons from economic and society development experience of foreign developed countries. Science and technology innovation is the source of viability in enterprises. Our country is now facing economic system reforming, during this special period, if we can't innovate more effectively, there is no way to improve the products structure, let alone to improve the value of products.

Third, science and technology innovation can enhance enterprise competitiveness.

Science and technology innovation can make products more differentiated, which can attract consumer attention and arouse their great interest, in this way, the enterprise competitiveness can be enhance.