China is likely to become a leader in innovation in key emerging industries – boosted by its young talent, government support and extending internet penetration – according to panelists attending the Fortune Brainstorm Tech International Conference in Guangzhou, part of the Fortune Global Forum conference. For a long time, China was not perceived to be an innovator in some Western countries, according to Jay Walker, Founder of online travel operator Priceline. That’s because innovation, which fundamentally is about disagreeing with the old, was not seen as intrinsic to Chinese culture, Walker explained.

But its dynamic and pioneering development in some emerging industries, such as e-commerce and high tech, is breaking that stereotype. China is capable of exponentially increasing its technological levels, with more tangible results from the e-commerce and online payment industries coming in the next few years, according to Walker. Seven Chinese companies, most of them focusing on the internet and e-commerce business, have been listed in the annual Fortune 100 Fastest-Growing Companies list published in September.

“Young talent in China are making the waves,” said Roger Luo, President of DJI, a leading civilian drone and aerial imaging technology company. The average age of his company’s employees is around 27 years old. He said an environment that nurtured entrepreneurship had helped his company to grow. In the wake of government efforts that prioritized support for entrepreneurship, young people had more opportunities to turn their innovative ideas into reality, he said. A home-grown research and development revolution is also powering the innovation process in China, creating incentives for more innovation, according to Walker.

Chinese President Xi Jinping told world business leaders in a congratulatory message that the country would continue to open up and improve its business climate to create more opportunities and make a greater contribution to the world. Xi said China would develop the open economy to a higher level, promote the Belt and Road Initiative, and push for a new pattern of all-round opening up.

The three-day Fortune Global Forum has chosen “Openness and Innovation: Shaping the Global Economy” as its theme, drawing 1,100 participants, including senior executives from the world’s top firms such as Alibaba, Tencent, Ford, HSBC and JP Morgan. Canadian Prime Minister Justin Trudeau and Papua New Guinea’s Prime Minister Peter O’Neill addressed the opening session.