Abstract:     Innovation is the primary driving force for development, and the key to the great power game is institutional competition for innovation. The report of the CPC′s 20th National Congress proposed "to establish a foundational system for all-round innovation". Internationally, the elements of high-end innovation required for high-quality development are often more sensitive to the institutional environment, and developed countries continue to squeeze the legal system space for developing economies to support innovation. Domestically, the structural problems of China's current innovation system need to be solved through basic institutional arrangements. This paper put forward the connotation of all-round innovation from such two perspectives as theoretical basis and reform practice, and systematically studied the mechanism of forming the foundational systems to support all-round innovation. Supporting all-round innovation is the value orientation of foundational systems, which include market system, element system, organization system, incentive system and open system. It is proposed in this paper that the basic role of the market systems supporting innovation should be highlighted, the vitality of innovative organizations and innovative talents should be fully stimulated, the social institutional foundation to support all-round innovation should be strengthened and the institutional construction and institutional evolution through all-round innovation reform should be promoted.

Key words: all-round innovation, foundational system, reform practice, logical framework