But Deng always had a very clear vision that "science and technology are the No. 1 route to productivity"; the labor-intensive economic model is only an expedient.

In the last 30 years, China has never relented in its efforts to develop science and technology.

Modern China has now accumulated a wealth of financial, intellectual and technological strength to lead the country to the next stage.

For instance, China's R&D spending is already No. 2 in the world, second only to the US. China is in a position to update its innovation policies and strategies, and prepare for takeoff.

In 2008, the National Outline of Intellectual Property Strategy was issued. This unprecedented blueprint is being implemented in a strategic way to boost China's domestic innovative capacity.

The year 2010 saw the publication of another blueprint, the National Medium- and Long-term Talent Development Plan Guideline 2010-2020. It covers human resources in almost every knowledge-based sector and aims at recognizing and rewarding all kinds of talent and their innovative efforts.

In this context, China's 12th Five-Year Plan (2011-16) will bring all innovation-related policies under a systematic umbrella plan.

These policies will be implemented through innovation parks, financing and grants and new technology incentives that are being developed rapidly.

Knowledge and innovation are embedded in the cultural DNA that sustained China's leading creative status for almost two thousand years. After ups and downs in the last three centuries, today China is ready for another go.

In the next five to 10 years, the results of China's innovative efforts will be seen.

The world can gird itself for another Chinese economic miracle.

The author is an expert on international intellectual property law. forum@globaltimes.com.cn