China is among the 20 most innovative economies for the first time

China- EU Summit 2018 Tusk Kequiang

From left to right: Mr Li KEQIANG, Prime Minister of China; Mr Donald TUSK, President of the European Council. Shoot location: Beijing – CHINA Shoot date: 16/07/2018 Copyright: European Union

This article is brought to you thanks to the strategic cooperation of The European Sting with the World Economic Forum.

Author: Alex Gray, Formative Content

In the last few decades, China has made huge progress in science and technology. This new age of innovation has seen the birth of ‘unicorn’ tech companies like media giant Tencent, the ‘Uber of China’ Didi Chuxing, and the world’s biggest drone builder, DJI.

Now, for the first time, China has broken into the top 20 of a global list of the most innovative economies.

The latest Global Innovation Index singles out China for its rapid transformation into an innovation powerhouse. It has risen consistently up the rankings, in 2015, it was in 29th place, the following year it rose four places to 25th place and in 2017 up three places to 22nd.

Key drivers behind this upward trend include a high level of spending on research and development and the high number of patent applications made by Chinese companies and institutions.

China’s innovation trajectory has been dynamic, says the report, which is compiled by the INSEAD business school, Cornell University and the World Intellectual Property Organisation (WIPO).

China riding high

Image: UNESCO Institute for Statistics

The report finds that China has the highest concentration of researchers, the highest number of patent applications submitted, and the number of scientific and technical publications is well ahead of the US.

Meanwhile, the latest figures (2016) from the UNESCO Institute of Statistics shows China has 1,200 researchers per million inhabitants, and a total of around 1.6 million researchers.

Image: WIPO

China filed over 1.2 million patents in 2016, according to the World Intellectual Property Organisation. That’s more than the combined total for the United States of America, Japan, the Republic of Korea and the European Patent Office. China filed most heavily in electrical machinery.

Image: UNESCO Institute of Statistics

China spends around 2.1% of its GDP on research and development. Relative to its economic status, it’s a country punching well above its weight. It is one of the few middle income countries to feature so high up in the index.

Rich returns from innovation

Studies have found that every dollar invested in R&D generates nearly two dollars in return. While the rate will vary, R&D is an important driver of economic growth.

Among China’s other notable achievements is being listed 2nd in the world for its number of innovative clusters. It has 18 clusters including Shenzhen–Hong Kong and Beijing. Most of the world’s leading science and technology clusters are in the U.S., China, and Germany.

In terms of the quality of its innovation, China ranks 17th overall. It performs above the high-income group average in the quality of its scientific publications and its universities.

Investments in energy

The theme of this year’s report is Energizing the World with Innovation, and in this sector, China is also among the global leaders.

Much of China’s innovation has been in the energy sector. In recent years, China has made great efforts to move away from its dependency on coal and has enthusiastically embraced renewables. It now leads the world in solar innovation, with 60,000 photovoltaic-related inventions to its credit.

The report states that India and China are delving deeper into the downstream applications of PV technologies, including PV-hybrid plants and PV-grid integrations, which will help supply electricity to remote areas.

China is also the largest electric carmaker in the world, with home-grown start-ups vying to compete with the likes of Tesla.

“China’s rapid rise reflects a strategic direction set from the top leadership to developing world-class capacity in innovation and to moving the structural basis of the economy to more knowledge-intensive industries that rely on innovation to maintain competitive advantage,” said WIPO Director General, Francis Gurry. “It heralds the arrival of multipolar innovation”.

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Featured Stings

What next after more sanctions against Russia, will the Ukrainian civil war end?

Further reforms needed for a stronger and more integrated Europe

EUREKA @ European Business Summit 2014: Innovation across borders – mobilising national R&D funds for transnational innovation in Europe

What is the IMF telling Eurozone about fiscal and banking unification?

A day in the life of a refugee: We should be someone who helps

Parliament votes reform for better European Co2 market but critics want it sooner than later

How technology is driving a fourth wave of environmentalism

EU’s core members are eyeing larger parts of arms trade and of world map

A Trumpist squad shook Davos and the world

The Changing Scope of International Economic Relations – Chinese Leadership in the 21st Century

Innovations for Content Professionals at the DCX exhibition 2018 in Berlin, in association with The European Sting

Financial transactions tax gets go ahead

The Brits are not an exception and that’s why they voted to leave

A Sting Exclusive: EU Commissioner Mimica looks at how the private sector can better deliver for international development

EU citizens disenchanted with Economic and Monetary Union over rising poverty and high unemployment

Two major EU projects falter; the Schengen Agreement now freezes and Eurozone fails to resolve the Greek enigma

EU out to conquer African Union summit

Medschool 4.0: how to succeed in the smart revolution of healthcare

On Brexit: the outcome of UK elections next May to be based on false promises?

How can education empower youth to become tomorrow’s leaders

Commission and ECB prepare new financial mega-tool in support of SMEs

Innovation for a smarter world: ITU Telecom World 2018

Chart of the day: This is what violence does to a nation’s GDP

Is the advent of nationalism to destroy economic neo-liberalism?

EU-India summit: Will the EU manage to sign a free trade agreement with India before Britain?

Recognizing, protecting and empowering youth rights in Europe and the world

MWC 2016 LIVE: Industry looks to reduce mobile gender gap

EU’s Mogherini visits Turkey “to step up engagement” and highlight interests

Supermarket supply chains are driving poverty and inequality. We can do better

Theresa May’s global Britain against Philip Hammond’s Brexit fog

The eighth round of TTIP negotiations concludes in Brussels amid scepticism and new fears

The energy industry is changing. Are governments switched on?

A geared turbofan at Pratt & Whitney's production hub in West Palm Beach (copyright: Pratt & Whitney - a UTC Company- 2018; Source: Pratt & Whitney's website, media center)

The EU Commission approves UTC’s acquisition of Rockwell Collins under conditions

The MWC14 Sting Special Edition

European Commission and four online marketplaces sign a Product Safety Pledge to remove dangerous products

Why is Merkel’s Germany so liberal with the refugees? Did the last elections change that?

David Cameron’s formal letter/threat that officially opens pandora’s box for the UK

The EU bows to Turkey in view of the talks for a political settlement in Syria

Japan initiates WTO dispute complaint against Korean duties on steel

IMF’s Lagarde: Ukraine must fight corruption

Trade deals’ pure realism: it may take 10 years for a post-Brexit agreement

Gender Equality as a platform to improve Medicine

Why we are using these custom-built drones to collect whale snot

The new EU “fiscal compact” an intimidation for all people

Russia to cut gas supplies again: can the EU get back to growth without a solid energy market?

Air pollution could be responsible for 1 in 7 new cases of diabetes

ECB settles the bank resolution issue, makes banking union tangible

MWC 2016 LIVE: Qualcomm looks to pick up Hamilton’s winning ways

EUREKA @ European Business Summit 2014: A European patent system can help European businesses lead industrial research and innovation on a global scale

UN chief condemns attack targeting international forces in northern Mali

EU Migrant Crisis: Italian Coast Guard Headquarters and Italian Navy to give host national opening addresses at Border Security 2016 in Rome

Building an Inclusive ICT Innovation Ecosystem

JADE Spring Meeting 2016 highlights

EU Commission: a rise in wages and salaries may help create more jobs

China Unlimited: the dragon’s long and winding road

IMF: European banks do not perform their duty to real economy

Security Union: political agreement on strengthened Schengen Information System

FEATURE: Niger’s girls find sanctuary in fistula treatment centres

European Youth Capital 2018 : Cascais

Inflation down to 0.7%, unemployment up at 12.2%: Bad omens for Eurozone

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s