The current NPC and CPPCC sessions focus on the economy and innovation. In an earlier article one of the co-authors discussed China's strategy of building a system of innovation. As the word "system" suggests, innovation will be maximized if all the different components work together. Many countries, including China and Australia, the homes of the authors, have struggled to convert the substantial investment in basic research by universities, institutes and others into products, processes and services of commercial value.

China's Law on Promoting the Transformation of Scientific and Technological Achievements came into effect as of October 1, 1996. By now, however, it's obviously can no longer adapt to modern social development that has become increasingly complex as China competes internationally and move from an industrial to an information economy.

On Feb. 27, 2015, the Standing Committee of the National People's Congress reviewed the draft amendments of this law. The revision seeks to promote an understanding of scientific and technological achievement among people from all walks of life. It is also meant to renew enthusiasm among Chinese innovators and inventors for transforming scientific research and technological achievements.

The amendments consist of the following four major points.

First, the amendments improve the information system of scientific and technological achievements, requiring the establishment of a reporting system that involves reporting on scientific publications as well as technology project implementation, tracking scientific and technological achievements, as well as protecting intellectual property related information.

The system also offers a number of services to facilitate inventors and creators as well as those seeking to commercialize the underlying invention or other creative work.

Second, the amendments seek to motivate inventors and IP creators by promoting scientific research institutions. The draft stipulates that institutions, colleges and universities can transfer, licensing or invest its scientific and technological achievements. It provides processes and incentives for staff to submit their scientific and technological achievements and to have them recognized for purposes of evaluation, assessment, performance appraisal and remuneration.

Third, the amendments add a new clause encouraging the guiding role of enterprises in implementing, together with research institutes or universities, the science and technology projects which have been set up using fiscal funds and with broad market prospects.

Fourth, the amendments improve support for transformation of scientific and technological advancements, such as establishing technology markets, cultivating and developing intermediary service agencies, providing trading places and disseminating technology trading information.

China will also support the development of research by public institutions as well as the development of a platform meeting industry needs. The law will also give special support and emphasis to small and medium sized enterprises. This recognizes that much innovation and job creation typically occurs in these sectors.