China's mass entrepreneurship and innovation initiative has a strong vitality, Premier Li Keqiang said Wednesday.

In the past three years and more, over 40,000 new market entities got registered every day on average. In this sense, there were more than 10 million new entities each year, he said at a press conference after the conclusion of the annual legislative session.

Not only small and medium enterprises (SMEs) are engaged in entrepreneurial and innovative activities, big companies are also taking an active part in opening up a lot of maker spaces online to bridge the innovative capabilities of online employees and the individualistic needs of customers, according to the premier.

This initiative has responded well to market demand and individualistic needs of customers, and also created pressure for the government to enhance its capability.

The government needs to exercise careful regulation in an open-minded and accommodating way to enable the healthy development of new business forms boosted by the initiative, he said.

China has a labor force of 800 million, among whom 170 million have received higher education or possess high professional skills. They represent a tremendous source of generating wealth and energy, and represent enormous opportunities for China itself and the international market, he added.