Nation's capital to boost innovation

Wang added that the municipality will put forward "a raft of ground-breaking and influential measures" to fully unleash the power of technologic innovation. Meanwhile, 10 funds oriented for strategic emerging industries will be established and a group of specialized industrial bases will be set up.

In the first five months of this year, the number of patents filed by the city's inventors increased 21.4 percent.

During the same period, the revenues of the technology industry accounted for 54 percent of the nation's total, compared with 40 percent a year earlier, according to the statistics bureau.

Total revenue of companies in the Zhongguancun zone surged 26.5 percent year-on-year in the January-May period, while their profits jumped 40.1 percent.

Zhao Lei, deputy director of the Beijing Municipal Commission of Development and Reform, said that in the second half, the municipal government will make better use of specialized funds to unleash the driving power of high-end industrial parks, including Zhongguancun.

"Meanwhile, we should speed up industrial upgrading and develop new drivers for economic growth. Regulations for small and medium-sized enterprises in Beijing and enterprises with their headquarters in Beijing will be launched," Zhao said.

He also said that a 2-billion-yuan ($327 million) SME development fund will be set up to optimize the city's industrial environment.

"The city's economic growth is showing a clear trend of being jointly driven by technological and cultural innovation," Wang said.

He also called for more innovation in the cultural industries, as the capital has rich resources and a cultural heritage.

"We need to put forward tailored measures to support the joint development of culture, technology and tourism while further guiding private capital to invest in the cultural and creative industries.

"While leading enterprises are encouraged, we will also foster a group of specialized and characteristic SMEs in the industry," Wang said.

Guo also called for a greater role for finance in supporting innovation as well as a deep study of policies to merge the innovations of finance, technology and culture.