This report summarizes the new exploration of China’s innovation and entrepreneurship activities，with particular attention to the new features of these activities given the large external shock to the macro economy and greater uncertainty in the economic environment. In 2020，in response to COVID-19，China’s innovation and entrepreneurship activities have shown significantly increasing digital penetration. In addition，China’s innovation activities have shown an increase in base demonstration effects，and an increase in international cooperation as well as uncertainty in basic research. Entrepreneurship activities in China have shown a number of new features，including the importance of small and micro enterprises as entrepreneurs facing challenges in some regions；the increasing agglomeration of regions，industries，and leading companies in entrepreneurial activities；the increasing of female entrepreneurs in medical and health，artificial intelligence industries，etc. The increase in the field has enriched the diversity of entrepreneurial groups. Combining the new features of innovation and entrepreneurship activities，this report provides a relevant outlook on the trend of innovation and entrepreneurship activities in China. It is worth of expecting what may happen to innovation and entrepreneurship activities in the presence of continuous increase in the digital penetration rate，the changes in the financing environment along with the advancement of financial opening，and the increase in the connotation of ecological and environmental protection.