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 implement additional tax deductions for their research and development and increase tax policy support for high-tech enterprises and science and technology business incubators. We will support leading enterprises in building top-level research and development institutions. We will move faster to achieve nationwide implementation of the policy of national innovation demonstration zones, establish another set of national innovation demonstration zones and high-tech development zones, and establish pilot reform zones for all-round innovation.

Second, we will help people to pool their ideas and talents through a synergy of business startups, innovation, and the Internet Plus. Platforms will be created for crowd innovation, crowd support, crowdsourcing, and crowdfunding, and mechanisms will be built to encourage new types of business startups and innovation-making through cooperation between enterprises, institutions of higher learning, research institutes, and makers. We will establish demonstration centers for business startups and innovation and encourage the development of a business startup service industry as well as angel investment, venture capital, industrial investment, and other investment. We will give our support to the development of a sharing economy and see that resources are used more efficiently and that more people take part and benefit. We will adopt more active, open, and effective policies to attract talent from overseas. We will strengthen the protection and use of intellectual property rights and look to the law to crack down on the infringement of these rights and on the production and sale of counterfeit products.

Third, we will deepen the reform of the management system for science and technology. Greater autonomy will be given to universities and research institutes, and red tape will be cut in the management of research projects. Policies and measures will be implemented to support the transfer and commercialization of scientific and technological achievements, and tax incentives for stocks and options, and profit sharing and bonus plans will be improved to encourage researchers to start businesses and make innovations. We will foster a culture of innovation and create an enabling environment for innovation in which people ·· venture to break new ground and failure is tolerated. I am sure that these initiatives will inspire entrepreneurialism and motivate our society to start businesses and make innovations, and thus create a powerful force to drive development.


 * We will ensure that overcapacity is cut, costs are lowered, and business performance is improved.

We will focus on addressing the overcapacity 1n the steel, coal, and other industries facing difficulties. In this process, the market should serve as a check, enterprises should be the major actors, local governments should play a coordinating role, and the central government should provide support. We will use