Innovation drive raises China's rank

Country becomes first middle-income nation to become one of innovative economies

China has for the first time joined the world's top-25 most innovative economies, according to a report released on Aug 15 by Cornell University, the INSEAD business school and the World Intellectual Property Organization.

The report ranks the country 25th in the Global Innovation Index, up from 29th last year, marking the first time a middle-income country has placed so high.

"China's progression reflects the country's improved innovation performance as well as methodological considerations, such as improved innovation metrics in the index," the report says.

Despite the rise, however, an "innovation divide persists between developed and developing countries amid increasing awareness among policymakers that fostering innovation is crucial to a vibrant, competitive economy".

Switzerland, Sweden, the United Kingdom, the United States and Finland are the top five innovation performers worldwide, according to the study, which scored each country based on 82 indicators.

"Investing in improving innovation quality is essential for closing the innovation divide," says Soumitra Dutta, dean of Cornell College of Business and the report's co-editor. "While institutions create an essential supportive framework for doing so, economies need to focus on reforming education and growing their research capabilities to compete successfully in a rapidly changing, globalized world."

Among the innovation leaders rated by the research, Japan, the US, the UK and Germany are the top four in order of "innovation quality", the most critical indicator, which looks at the caliber of universities, the number of scientific publications and international patent filings.

China this year climbed to 17th place in innovation quality, making it the leader among middle-income economies for this indicator.

The nation's progress in innovation is in line with government support, according to Liu Dong, managing director of Accenture Technology Labs in Beijing.

"The government is placing more emphasis on innovation as the country looks for ways to produce products with larger added value," he said in an earlier interview.

Premier Li Keqiang highlighted entrepreneurship and innovation as the new engines to spur economic growth in his 2015 Government Work Report.

The government has since unveiled dozens of measures to support grassroots entrepreneurs, including offering them tax breaks and helping with financing.

mengjing@chinadaily.com.cn

(China Daily Africa Weekly 08/19/2016 page25)