The world's number-two economy will cultivate new growth drivers to become an innovation-driven country, Chinese Premier Li Keqiang declared on Monday.
Addressing the World Economic Forum (WEF) in Tianjin, also known as the "Summer Davos," Li focused the bulk of his speech on promoting entrepreneurship and highlighting policies catering to the sharing economy.
"We are embracing a new round of industrial revolution," he said. "We need to implement innovation-driven development."
The measures Li touted included pushing ahead with the Internet Plus initiative, a Chinese program aimed at boosting its mobile internet, e-commerce and cloud computing sectors in the international market. China would also ensure that the Internet of Things (ioT), cloud computing and other information technologies were applied to everyday life, Li said.
These new drivers would play a bigger role in securing employment and increasing wages going forward, as well as helping the country maintain a medium-to-high growth rate and opening up new economic prospects, he added.
"The sharing economy gives everyone a fighting change to achieve their dreams," the Premier said.
Dan Starta, a partner and head of Greater China at the consultancy ATKearney, told CNBC that China had already surpassed the European Union in terms of research and development spending on technological innovations and was challenging the U.S. in terms of the number of patents it filed.
"China's Huawei took the top spot for most patents filed for the second consecutive year in 2015, while ZTE was ranked third," Starta said of the Chinese smartphone giants.
The country had also made strides in enticing multinationals to invest on innovating in China, he said, citing Ford's $1.8 billion, give-year project to add smart technologies such as autonomous driving to the vehicles it sold in China.