3/15/2018 <strong>Panel: China’s bold pursuit of innovation and mass entrepreneurship</strong> - EY - China

Panel: China’s bold pursuit of innovation and mass

entrepreneurship
China Hall, Shangri-La

Innovation is considered a driver for development. However, one year in

to policy changes on innovation funding, how has China’s government-led
drive to boost entrepreneurship and innovation on a mass scale fared?

While there is no doubt that the environment for innovation and start-ups
has improved in recent years in China, during a lively discussion,
panelists agreed that challenges still exist.

The commercialization of innovation is vital and this will involve more

synergy between policy makers, money lenders and scientists. With an
innovation transition rate which is significantly lower than countries like the United States, China still has
some way to go.

Motivation for innovation is only part of the equation, tangible polices and measures are also vital. While
there has been a rapid rise in expenditure on R&D by government and business, there is still too much
emphasis on equity instead of efficiency.

A better allocation of private resources needs to happen so that entrepreneurs can be properly rewarded
and innovative ideas can be successfully commercialized.

Panelists all agreed that while innovation starts with technology and capital, it also involves culture and the
cultivation and education of talent. For innovation to succeed, talent in China will need to adopt a curiosity
and a higher tolerance for failure.

These insights are from a panel moderated by Gary Cai, EY Greater China Business Development Leader.

The panelists included: Peijian Ge, Vice President and General Manager, Shanghai Zhangjiang Hi-Tech Park Development Co. Lt.;
James Ge Chao, Executive Director, SPD Silicon Valley Bank; Shaojun Wei, Director, Professor (Former Vice President of Dalang
Telecom), Institute of Microelectronics of Tsinghua University; Dong Wu, President, J&J Innovation (Johnson & Johnson).

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