The future of China's economic transition and industrial upgrading lies in science and technology.

This, as China's top officials led by President Xi Jinping and Premier Li Keqiang led an event featuring three top-level science conferences attended by 4,000 scientists and science officials, according to China Daily.

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At the full-packed conference held on Monday, the high ranking Chinese officials committed to make science and technology a major priority of the Central government.   

In his remarks, Xi underscored the central government's commitment to transform China into a leader in the areas of science and technology by the middle of the century, or by the time the nation celebrates the 100th founding anniversary of the People's Republic of China.

The president noted the crucial role of science and technology in the country's development, describing them as a bedrock that "the country relies on for its power, enterprises rely on for victories, and people rely on for a better life."

He added: "Great scientific and technological capacity is a must for China to be strong and for people's lives to improve," calling for new ideas, designs and strategies in science and technology.

For his part, Premier Li revealed that China's overall investment in research and development input will continue to increase and will account for at least 2.5 percent of its GDP in 2020, from the current 2.1 percent.

In the meantime, Zhu Baoliang, a specialist in economic forecasting with the National Information Center, pointed out that China cannot continue to rely on human input for growth in light of the current demographic challenges facing the country.

These issues include the country's rapidly aging society and a looming labor shortage.

Over the 30 years, about 30 percent of China's economic growth has been achieved innovations, he noted.

By contrast, developed countries have achieved 70 percent of their growth through innovations.

To accelerate China's thrust to make science and technology among nation's main growth driver, Zhu called for more policy reforms, particularly those which will provide incentives for the vast talent needed in research and innovation.

Tagschina, China Science and Technology, President Xi Jinping, Premier Li Kequiang