Published: Fri, July 13, 2018
Money | By Ralph Mccoy

China breaks into top 20 innovative economies: WIPO ranking

China breaks into top 20 innovative economies: WIPO ranking

The 2018 Global Innovation Index (GII), released on Wednesday, ranked Sweden as the third most innovative country behind only Switzerland and the Netherlands.

"In absolute values, and in areas such as research and development expenditures and the number of researchers, patents and publications, China is now first or second in the world, with volumes that overshadow most high-income economies", it read. In exports of creative goods, it ranked 17th.

It ranks 126 countries based on dozens of different business indicators, including foreign direct investment, the pupil-teacher ratio in secondary schools, the provision of domestic credit to private sector, venture capital deals, and more.

China too has improved its ranking from 22 in 2017 to 17 this year.

A group of middle and lower-income economies performed significantly better on innovation than their level of development would predict.

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"China's rapid rise reflects a strategic direction set from the top leadership to develop world-class capacity in innovation and to move the structural basis of the economy to more knowledge-intensive industries that rely on innovation to maintain competitive advantage", Gurry said.

The latest GII rankings, released in NY on Tuesday, put India at 57th position and China at 17th in 2018 as compared to their last year's rankings of 60th and 22nd respectively, giving insight into their innovation capabilities and results.

"Over time, a number of emerging economies stand out for being real movers and shakers in the innovation landscape", said Soumitra Dutta, Former Dean and Professor of Management at Cornell University. This represents a leap of five places from previous year and another noticeable improvement after it broke into the top 25 in 2016. "Other interesting cases are India, Iran, Mexico, Thailand and Vietnam which consistently climb in the rankings", he said. A new indicator, mobile-application "app" creation, found that Cyprus, Finland and Lithuania are the global leaders in the development of mobile apps relative to GDP. India ranked 44th in this category.

"Being ranked fifth in a credible global study gives greater impetus for our enterprises and entrepreneurs to keep using innovation and leveraging their intangible assets to grow from Singapore to the world".

The report recommended that more investment be channelled towards the production of clean/green energy as it is projected that by 2040, the world will need about 30% more energy than it requires today.

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