China shows innovation boost
China has a reputation as a production powerhouse but generally doesn’t get much respect as a source of innovation, despite efforts to change that. Now, those efforts may be paying off, according to the Economist Intelligence Unit, which reports that China is climbing up the world innovation rankings faster than other countries.
“Since the Economist Intelligence Unit first published its global innovation index two years ago, China has moved up from 59th to 54th in the rankings—an improvement we thought would take five years has been achieved in just two,” the organization reports.
The finding is a result of a study conducted by EIU and sponsored by Cisco. The study found that other gainers in innovation included India and Turkey. The study notes, “But while the emerging markets are moving up the pecking order, the developed world still hogs the top spots—Japan and Switzerland remain first and second, respectively.”
The EIU predicts more gains for the emerging world over the next five years, adding, “But even so, developed countries will not lose their status as the most innovative in the world. Japan, the US and European countries such as Switzerland, Finland, Germany and Sweden will still rank among the top 10 globally in 2013.”
The EIU bases its innovation rankings on the number of patents granted to people from different countries by the patent offices of the US, the European Union, and Japan and on factors such as the amount of R&D undertaken and the technical skills of the workforce.
You can see the complete rankings here: www.eiu.com/sponsor/cisco/innovationindex09
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