Abstract
The conceptual foundations research results of the People's Republic of China (PRC) innovation system transformation and the determination of the directions for stimulating its innovative activity have been presented in the paper. The purpose of the article is the disadvantages identification of the PRC’s scientific and technological policy and based on its generalizations, determination of the main directions for improving the legislation of the PRC’s in the field of science and technology, as well as the substantiation of scientific and practical recommendations for stimulating the innovative activities of the PRC in the context of globalization. In the course of the research, the disadvantages of the scientific and innovation policy of the PRC are analyzed and it is pointed out that the awareness of these problems and tasks led to the transformation of China's state innovation strategy towards comprehensive support of innovative entrepreneurship. One of the successful manifestations of this program is the rapid development of new organizational technical and financial forms that stimulate and support their innovative activity, namely: hackspace, business incubators, business angels and private venture investment funds, focused mainly on innovative small and medium-sized enterprises (SMEs) financing. The main directions of improving the legislation of the PRC in the field of science and technology have been identified, namely: highly qualified personnel potential increase by expanding accessibility and improving the quality of education; a combination of a centralized state policy in the field of science and technology with the involvement of private capital to the scientific and technological sector; inclusion of research organizations in the structure of production companies and holdings, as well as encouraging the introduction of new technologies in production; popularization of science and technology, the formation in the public mind of the idea of the extreme importance of the scientific and technological base for the successful and harmonious development of the country as a whole. It is concluded that the dynamics of the development of new elements in the landscape of innovative entrepreneurship in China is interdependent. Joint R&D activities in Chinese realities will contribute to increasing the economic success of innovative projects, and the expansion of innovative activity in the field of small and medium-sized businesses will serve as a powerful impetus for the development of the private venture capital market in China.
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