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UPDATED: September 10, 2015
Innovation and Entrepreneurship: the Central Theme Under the New Normal
By Deng Yaqing

The Chinese Government reiterated its commitment to promoting innovation and entrepreneurship to create new growth opportunities in the face of a slowing economy at the World Economic Forum's Annual Meeting of the Champions 2015, or the ninth gathering of Summer Davos, held in Dalian, Liaoning Province September 9-11.

"Technological progress in fields such as social networking services, cloud computing, robotics, Internet finance and big data has created a new situation and provided enough opportunities for entrepreneurs to tap," said Wang Jianzhou, Chairman of the China Association for Public Companies.

Wang Jun, Managing Partner of the Beijing Genomics Institute, said entrepreneurs should continue to innovate and not be afraid of setbacks, despite the slowing of the economy and other changes brought about by the "new normal."

"However, to lower the cost of trial and error, entrepreneurs need to choose an untapped industry that has not yet been fully explored and still has room for innovation," he said.

While entrepreneurs and professional investors reap the profits and rewards of innovation, it is often the government that foots the bill of investment failures, said Zhu Ning, Deputy Director and professor of finance at the Shanghai Advanced Institute of Finance.

Wang said it should not be the government's responsibility to pay for innovation and investments.

"Entrepreneurs should be held accountable for their investment behaviors and bear the related economic and moral risks," he said. "Only then will they feel the pressure and try their utmost to achieve success."

"Corporate leadership should be more efficient, productive and innovative to be able to drive growth in the future," said Rich Lesser, CEO of Boston Consulting Group.

(Reporting from Dalian)

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