Edited by Huiyao Wang and Lu Miao
Chapter 10: China’s innovation-driven growth and its emerging impact on global innovation
China began its rapid economic growth following the implementation of the Economic Reform and Opening Up policy of 1978. The Southern tour talks by former Chinese leader Deng Xiaoping in 1992 sped up the country’s economic development and made it more open. China was admitted as a member of the World Trade Organization in 2001 and has since become the world’s second-largest economic power. After its extraordinary economic performance depending on exports and cheap labor over the past 40 years, China must change its economic model to drive sustainable economic development. Innovation has become the keyword and the most crucial element for the economic model shift. China has clearly embarked upon innovation-driven growth. This chapter surveys China’s goal of becoming a nation of innovation by 2020, and analyzes China’s initiatives to promote innovation. China is pursuing more innovative activities and is innovating at a larger scale. The chapter discusses the grassroots innovation movement, including the startup boom and regional advanced cases, and emphasizes that China’s innovations are going global with more ventures going abroad. At the same time, it explores the challenges faced by China as it tries to position innovation as a national strategy.
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