Plenum ushers in culture of science

Science and technology reform has drawn a lot of attention in the Decisions on Major Issues Concerning Comprehensively Deepening Reforms, issued by the Third Plenary Session of the 18th Communist Party of China Central Committee on Nov 15.

In fact, China has been making great efforts to reform its science and technology sector for the past more than three decades. In 1985, China implemented reforms in colleges and institutions of higher learning to support science and technology development. As a result, the country has made some great achievements in science and technology.

But some deep-seated problems continue to plague China's science and technology management system, which can be solved only by opening the path to innovation. The plenum document hits the nail on the head by "combining science and technology research with the economy". This approach has helped eliminate some outdated systems obstructing the development of science and technology over the past almost three decades. The plenum document advocates the same approach to build a system that suits China's real situation and will help transform it into an innovative country.

By far the most important element in the document is the emphasis on "the market's decisive role" in technological innovation. The document clearly states that the market should guide technology innovation, including program selection, cost control and other resources that are key to achieving success.

In other words, the market will decide where funds would be invested, which programs would get support and how their achievements should be rewarded. Following that principle, enterprises will be encouraged to support technology innovation, with both large and small enterprises playing their advantageous roles to the full. The technology market will be improved to regulate the transfer of technology, which is essential for small and medium-sized enterprises to raise funds. And even the financial market will change - venture capital investment would be encouraged to support emerging high-tech enterprises.

The plenum document raises the possibility of setting up intellectual property rights courts, as well as expediting the process of passing comprehensive legislation on the subject to help China's science and technology sector to better meet the demands of modern market economy.