The head of China's National Development and Reform Commission, says "supply-side structural reforms" need innovation, as the world pins hope on technological revolution and industrial transformation, to revitalize the economy.

"The United States is implementing the return of manufacturing; Germany is focusing on Industry-4.0; and other countries are doing the same. This trend coincides with China's innovation-driven strategy. It offers an opportunity for us, and we should catch up with them....We should also strengthen financial support, and further develop angel investment, venture investment, industrial investment, and so on. We believe many will join in, including small and medium-sized entrepreneurs, scientists and engineers, people returning from abroad, collage students, and migrant workers. This will push forward mass entrepreneurship and innovation, and promote balanced economic development," said Xu Shaoshi, China's chief economic planner.