The Minister of Science and Technology on Friday highlighted the importance of the innovation-driven development strategy against the backdrop of China's economic transition, vowing to push forward reforms in the country's system of science and technology.

"Our economy now is at the critical juncture of transformation and development. In order to improve the quality and efficiency of the economy, [we] must have scientific and technological innovation and technical advancement as the impetus," Wan Gang, the minister, told a press conference.

At the 18th National Congress of the Communist Party of China (CPC) last year, the authorities unveiled a major strategy of driving development through innovation.

On September 30, China's top leadership held a group study on the innovation-driven development pattern, with President Xi Jinping stressing that the implementation of the strategy would determine the future and destiny of the Chinese nation.

During the study, Xi and other top CPC leaders visited Zhongguancun Science Park, a Beijing technology hub known as China's Silicon Valley, which boasts about 20,000 high-tech companies and had a total revenue of 2.5 trillion yuan ($409 billion) in 2012.

Wan reviewed China's achievements in science and technology this year, highlighting the success of the Tiangong-1 and Shenzhou-10 missions in June, China's first manned deep-sea submersible Jiaolong's exploration voyage in the Pacific Ocean and the development of Tianhe-2, the world's fastest supercomputer.

The minister also highlighted the importance of reform to the system of science and technology, with the top priority of building a transparent system for the management of research funds.

"I was furious, distressed and shocked by academic corruption. All the money is from taxpayers and therefore we should never tolerate violations," Wan said after recent cases of embezzlement and other misuse of scientific research funds came to light.

Amid a flurry of similar cases, Meng Jiangtao, formerly of the Beijing University of Aeronautics and Astronautics, was sentenced in July to 10 years in jail for embezzling about 2.6 million yuan.

In recent years, China's gross spending on R&D has seen an annual growth of over 20 percent.

A digital platform will be set up by the end of the year to provide information about approved scientific research projects, including the use of public funds and research findings, Wan said.

"Both administrative staff and researchers should be held responsible for the use of taxpayers' money and be open to public supervision to ensure that research funds are being used in a more efficient way," Wan said.

Another problem hindering the reform is believed to be the bureaucracy involved in trying to make scientific and technological achievements commercially viable.

In China, State-owned institutions such as universities and research institutes have to go through lengthy procedures to commercialize their achievements.

Wan said he hopes the top legislature, which has placed the revision of a law regarding the transformation of such achievements high on its top legislative agenda this year, can solve the problem by the end of this year or early next year.

Meanwhile, the minister also said China is considering how to make innovative products like those of Apple Inc.

While noting that more investment should be directed to basic research, Wan also stressed that innovative products should meet market demands and go with innovative business models.

Asked about his thoughts on when Chinese scientists will win their first Nobel prize, the minister said there is still a lack of investment in basic research, despite the government's recent increase in such investment.

But he struck an optimistic note, saying, "we have the conditions [to win a Nobel prize]," and "some day the Chinese will reach the world's peak."