While Chinese economy is entering "New Normal" period, it is urgent to change economic development mode from factor-driven to innovation-driven. However, ANBOUND think tank scholars believe that China has a lot of work to do to realize this change. Although progress has been made in R&D investment, much more is needed. What is more important for innovation-driven mode is forming a series of organizational structure from basic research to commercial application and systematically reforming innovation system to realize an economic growth mode which really relies on innovation. However, China is now far from reaching this target.