BEIJING -- Vice President Li Yuanchao on Saturday encouraged China's younger generation to become pioneers of innovation.

Li made the remarks at the opening of a nationwide promotion week for mass entrepreneurship and innovation at Beijing's Zhongguancun, which hosts various high-tech companies.

Saturday's event, organized by the Central Committee of the Communist Youth League, invited more than 500 young entrepreneurs, agencies and government officials to share their experiences or thoughts on innovation and entrepreneurship.

Li said young people today are in a golden period to start their own businesses as the country encourages mass entrepreneurship and innovation.

He said they should seize the opportunities presented by the rapid development of "new economy" and contribute to China's economic growth.

Li called on various circles to help entrepreneurship and innovation by the young people.