2017 Global Innovation Index: China Hailed for Creativity

"Rank of China keeps on a rise". China moves up by three spots, becoming the 22nd most innovative economy in the world, according to the Global Innovation Index(GII) 2017 co-authored by World Intellectual Property Organization (WIPO), Cornell University and INSEAD on 15 June. "The rise of rank of China reflects the improvement of ‘gold value' of China innovation," said Li Shunde, the researcher of Institute of Law of Chinese Academy of Social Science. In recent years, China has bucked the trend by improving polices, investing heavily on R&D, taking IP system as the important backup for inspiring innovation to promote IP quality and quantity and propelled economic and social development.

China innovations also change the unbalanced development across China. Xinchang County, a small city in the mountain area of east Zhejiang province short in natural resources, reshapes itself through innovation and IP. In 2016, 5,689 invention patent applications from Xinchang were filed, with an uncommon statistics nationwide that valid invention patents per ten thousand people reaching 25.4. GDP increased 6.71% year-on-year, two enterprises obtained the annual sales revenue of over 10 billion yuan and 7 listed companies were found here. Some emerging industries are leading globally in scale.

China has created a new innovation map by carrying out innovation-driven development strategy and massive innovation and entrepreneurship. As of now, China has more than 3,000 co-working spaces and 8,000 business incubators. Thanks to these spaces and incubators, they have been totally providing services for 400,000 S&T startup teams and companies and stimulating 2 million people in employment. Besides, they have obtained 223,000 valid IPRs, and cultivated 1,8000 to be listed companies. With the implementation of startup and innovation, some high-quality innovations and new technologies continue to rise. The Internet Plus bicycle sharing, for instance, has gone abroad and entered European and U.S. market.

In recent years, the Chinese IP community fared well as the implementation of IP strategy and Building China into IP Power House. With the improvement of IP law system and measures, the innovation has been further inspired in all works of life. A tougher IP protection has provided sound environment for startup and innovation, which not only mobilized the innovation enthusiasm of the whole society and but also made china becoming a hope place for foreign investment. The enhancing of IP quality and strengthening IP utilization have facilitated the commercialization of high quality IPRs, which reflecting its vital role in social and economic development. With the emerging of innovation achievements, the number of invention application continues to rise. In 2011, China received 526,000 invention application filings, and such number skyrocketed to 1.339 million in 2016, which doubled in merely five years.

"Innovation is the engine of economic growth in an increasingly knowledge-based global economy," said WIPO Director General Francis Gurry. In fact, the growth of Chinese economy in recent years cannot be separated with the advanced IP system and innovation inspiration mechanism. Under such background, the value of innovation in China witnessed a continuous rise.

"Innovation is a powerful tool to mitigate the shortage of natural resources and unbalanced development and resource allocation, " Li adds. Only China further improve its innovation value can it provide strong support and inject alternate source of power for side-supply reform and innovation-driven development.

Source: China IP News