Li promised to build a "safety net" for those who failed in starting a business, to encourage innovation.

China has been creating an environment that protects innovation. Beijing will improve its legal system, regulate the market and create an inclusive environment to attract more innovators, Li said, listing China's efforts in protecting intellectual property rights.

Furthermore, Li said China has been developing an innovation-driven economy, adding that China has been supporting its entrepreneurs to innovate technologies and administration among others.

Li stressed that China is willing to cooperate with any country, organization or enterprise that has a sincere wish to realize mutual benefits via innovation cooperation.

"China always needs to learn from other countries and bring in advanced technologies and managerial experiences," Li said.

On China-Russia ties, Li said Beijing is ready to cooperate with Russia on major strategic projects, deepen people-to-people and local communication, support the cooperation between medium- and small-sized companies, and work out a mechanism that promotes innovation cooperation.

Earlier in the day, the Chinese premier visited an exhibition of the innovation forum, accompanied by his Russian counterpart, Dmitry Medvedev.

Li said young people have the passion to innovate, calling for young people all over the world to strengthen communication and cooperation to enforce such passion and promote practical cooperation between different countries.

He also said cooperation between China and Russia in the field of aerospace has always been an important component of the strategic cooperation between the two countries, urging the two sides to strengthen cooperation in such areas as carrier rocket, manned space mission and the development of satellites.

Medvedev, for his part, said Russia welcomes more Chinese enterprises to open branches in the Skolkovo Innovation Center, Russia's Silicon Valley located in Moscow.

He said he believed cooperation would bring mutual benefits and win-win results to Russia and China.