ABSTRACT
In 2014, China became world’s largest trading country, world’s largest foreign capital recipient, and world’s third largest oversea investor. China’s economy grows at a high rate, with its foreign trade and investment constantly expanding and its foreign exchange reserves ranking top in the world. The transformation from the old normal to the new normal, through economic slowdown and gear-shifting, is in essence the process of structural adjustment and impetus conversion. The new normal for China is the shift from rapid growth stage to efficient growth stage, as well as the historic change from big to the strong. In the face of the global new momentum of industrial revolution centered on manufacturing industry, digitalization, and intellectualization, the problems of Chinese enterprises in research and development field were gradually exposed. Innovation is the industrialization process of scientific and technical achievements, and it must be carried out to create new growth points and be implemented in the industrial transformation and upgrading.
