Chinese Premier Li Keqiang (C) poses for a group photo with young entrepreneurs at the main venue of the National Mass Innovation and Entrepreneurship Week in Shenzhen, south China's Guangdong Province, Oct 12, 2016. [Photo/Xinhua]

"We need to accelerate the fostering of new growth drivers to gradually make them play a leading role in facilitating the transformation of traditional industries," Li said.

China has long been seen as the "world's factory," churning out vast quantities of low-quality goods. But with intensified government efforts, such as financial support and administrative assistance for start-ups, China is closing the innovation gap and is hoping it will invigorate the broader economy.