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Abstract The new technological revolution gives new technological catchup opportunity to China. Also, the new technological revolution strengthens the technological competition between countries. The＂ZTE＂incident shows the weakness of Chinese core technological innovation capacity. According to the researches of technological revolution made by Perez and Freeman, China is now in the transition stage between the old and new technoeconomic paradigms and faces the period of technological catchup. The experience of U.S.A and Germany in catching up with U.K in the second half of the 19th century has inspired China that the innovation policy oriented by tracking the world's new technoeconomic paradigm is a necessary condition for China to achieve technology catchup. If we want to seize the opportunity of technology catchup, we should reflect on the defects of China's current innovation policy. Beijing should create a social and economic environment which could promote the innovation of national enterprises by transforming and innovating China's innovation policies, so as to guide the transformation of the characteristics of innovation environment, to promote the transformation to the world's new technoeconomic paradigm, and step into the leading ranks. Therefore, strengthening financial regulation，systematically supporting the national innovative enterprises, cultivating national hightech industrial innovation clusters, increasing human capital investment and encouraging talent mobility are important contents of the transformation process of China's innovation policy.
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