China Ranks 14th in International Innovation Index, Solely Center-Revenue Economic system in High 30

China stored its 14th place within the top-performing economies within the International Innovation Index (GII) 2020, after breaking into the GII high 15 final 12 months, a World Mental Property Group (WIPO) report confirmed. 

In line with the report launched Wednesday, China additionally stays the one middle-income financial system to make it into the highest 30. Within the higher middle-income group, China is ranked the No.1 innovation financial system, adopted by Asia’s Malaysia and Europe’s Bulgaria.

China’s ranks additionally moved up in human capital and analysis (21st, up by 4) and market sophistication (19th, up by 2). The report stated that China maintains its world management in a number of key output indicators, together with patents by origin, utility fashions, emblems, industrial designs, and inventive items exports.

Switzerland, Sweden, and the US lead the innovation rankings, adopted by the UK and the Netherlands. This 12 months marks the primary time for a second Asian financial system—the Republic of Korea—to crack the highest 10, two spots under Singapore.

In relation to the world’s top-performing cluster, Japan’s Tokyo-Yokohama positioned first, adopted by China’s Shenzhen-Hong Kong-Guangzhou, South Korea’s Seoul, China’s capital Beijing, and San Jose-San Francisco within the US. 

This 12 months, the geography of innovation is constant to shift, in response to the report. “Over the years, China, Vietnam, India, and the Philippines are the economies with the most significant progress in their GII innovation ranking over time. All four are now in the top 50.”

Because the world is battling the financial and social implications of the COVID-19 disaster, innovation is humanity’s finest hope to beat the financial lockdown, the report stated. 

Essentially, the pandemic has not modified the truth that the potential for breakthrough applied sciences and innovation continues to abound, the report stated. 

Nevertheless, the amplitude of the disaster created by COVID-19 has engulfed many nations in a wave of emergencies. “In the years to come, financial resources will be strained. Risk aversion will be high. As a result, countries and corporations alike will find it harder to pursue investments and innovation.”

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“The question regarding how the current pandemic will affect these innovation divides looms large,” the report stated. “With a possible disintegration of global value chains, generally reduced trade, an economic slowdown, and increased debt, there is a real possibility that the little progress in terms of innovation convergence over the recent years might grind to a halt or even reverse.”

The GII supplies detailed metrics concerning the innovation efficiency of 131 nations and economies world wide. Its 80 indicators discover a broad imaginative and prescient of innovation, together with political surroundings, schooling, infrastructure and enterprise sophistication.

The theme of this 12 months’s report is “Who Will Finance Innovation?” which is well timed and related in gentle of the COVID-19 pandemic. 

The GII 2020 is the results of a collaboration between Cornell College, INSEAD, and the WIPO as co-publishers, and their data companions.

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