In the past few decades, China has made huge progress in science and technology. This new age of innovation has seen the birth of “unicorn” tech companies such as media giant Tencent; the so-called Uber of China, Didi Chuxing; and the world’s biggest drone builder, DJI. In finance, a unicorn is a privately held start-up company with a current valuation of $1 billion or more.
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 – an annual ranking of countries by their capacity for, and success in, innovation – 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, it went 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, compiled by the INSEAD business school, Cornell University and the World Intellectual Property Organisation.
full article in BRICS Journal print issue 6