In Premier Li Keqiang's Government Work Report on Thursday, "innovation" was shown as being of great significance for the Chinese economy in its new normal.

China's economic growth has been slowing for some time. Though still at 7.4 percent in 2014, the government's target is around 7 percent in 2015. This will be well below the long-term average rate of growth that the Chinese economy has been recording for several years.

There are global implications for the slowdown in the Chinese economy. China is not only the world's largest exporter of goods, it is also the second-largest importer of goods. At the same time, it is also the world's second-largest importer of commercial services. Thus, apart from being the main source of a variety of manufactured items for the rest of the world, China has also been a big engine for the global consumption of goods and services.