Innovation is key to sustainable business and country's economy

Chinese entrepreneurs have named innovation as the new driver for both their enterprises and the Chinese economy, while acknowledging that challenges exist when introducing new operation models and technologies.

A survey among Chinese entrepreneurs released on Saturday shows that 91.8 percent of respondents believe innovation in entrepreneurship and technologies will be the key to supporting healthy and sustainable business development and the nation's transition from a fast-growing one to an economy focusing on both quality and quantity.

The survey was conducted by the China Entrepreneurs Survey System, a research body under the Development Research Center of the State Council.

It interviewed 4,015 corporate leaders, who run State-owned enterprises and China branches of multinational companies, between August and October in 2012.

According to Li Lan, secretary-general of the research body, the entrepreneurs have acknowledged the importance of innovation and are trying or planning to bring new ideas into business operation.

They are also upgrading their companies' technologies and solutions.

This year is the 20th time the research body has conducted the annual survey.

"It is the first time that innovation has become the top priority among Chinese entrepreneurs," Li said.

According to the survey, entrepreneurs' self-assessments on their innovation ability and courage are not optimistic in general, as they graded themselves lower than three on average on a scale of five.

To innovate and have sustainable growth, the entrepreneurs surveyed listed five key attributes: team leading, global thinking and strategic vision, ability of spiritual inspiration, creative management, and resources integration capability.

Zhejiang Haers Vacuum Ware Co Ltd is a privately owned company with more than 1,200 employees. It's now the top stainless vacuum cup developer and producer in China.

General Manager Ouyang Bo said although Haers is successful in sales and new technological application, his top concern for the future is how to attract and retain good engineers and marketing managers.

"We are still an emerging company (set up in 2008) and are expanding our product portfolio aiming at international market," he said.

"We badly need people with the latest and advanced knowledge of vacuum technologies and the international market, but we are in a small city, it's not easy to retain high-quality talent."