China Represents the Future of Innovation?
“If you look at the last five years, China has invested in its R&D budget about 2.1% of [gross domestic product]… there’s a lot of activities in innovation,” he said during a panel discussion on whether China could shed its image as a global workshop and become a bastion of innovation.
According to this article, innovation is new strategic priority for China!
"Chinese capacity for indigenous innovation is weak, Chinese industrial technology is at a low level, and both Chinese basic and cutting-edge research are relatively unimpressive," Premier Wen Jiabao said in July 2011.
Who is helping China in growing their innovation prowess? It's none other than the multi-nationals including General Electric, General Motors, Siemens, P&G, Pepsi, Nokia, Microsoft, Apple and more who have setup leading R&D and manufacturing centers in China. There are now more than 1,500 foreign research and development centers in China, according to the Ministry of Commerce.
Chinese Premier Wen Jiabao on Thursday urged China's science administrators, business leaders and scientists to race to make breakthroughs in scientific and technological innovation.
Bottomline: Is China going to become the innovation powerhouse in the next five to ten years, and make original products that the world would love?
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