Lu Yongxiang, Former President of the Chinese Academy of Sciences, delivers a speech at the Pingtan Innovation Forum for Entrepreneurs and Scientists, in Pingtan, Fujian province, Dec 16. Lu is also the former Vice-chairman of the National People's Congress and chairman of the China Industry-University-Research Institute Collaboration Association. [Photo by Peng Juan/China Daily]

China's economy will enter a new phase, as innovation becomes a personal pursuit for entrepreneurial success.

Despite innovations from ancient times, the Chinese people's innovative capabilities, and their ability to transform ideas into results have long been out shined by the huge demographic dividends, but now it is time to transform Made-in-China to Created-by-China. The country is ready to be seen as an active player in innovation rather than a follower.

According to the Organization for Economic Cooperation and Development, China's absolute input in research and development was $311 billion last year, which surpassed the $292 billion total of the 28 members of the European Union for the first time.

Chinese enterprises first appeared in the Fortune Top 500 in 1989. Last year, 100 Chinese enterprises made it onto the list, only the United States had more.

While China still lags behind in some traditional manufacturing industries, the booming emerging industries, such as new energy, new materials and information technology, offer China and other emerging market economies opportunities to participate in the new technological revolution.

The resilience displayed by the Chinese economy in its ongoing painful restructuring is largely generated by the large number of inventions and creations springing up out of the inspirations and resources accumulated since the late 1970s.

Closer cooperation between research institutes and enterprises, and with other countries, a more transparent distribution system for funds and a healthier market environment based on stricter protection of intellectual property rights, will help China further to become a global innovation power.