China A Powerhouse Of Innovation: UBS

by eggplant in BFI

A research report released recently by UBS recognized the innovation development of China in past five years, and predicts that China will become a global innovation powerhouse thanks to improved education quality, input in research and development and policy support to innovation, Economic Daily reported on 10 October. The current economic model of China is seeking a rapid transition from “Made in China” to “Created in China”, and China is expected to rule the technology realm in various fields. China has been growing fast in education, the report said. China sees 2.8 million graduates majoring in science and engineering every single year, which is five times compared to the U.S.. The proportion of science and engineering graduates per 1,000 people in 2015 is also five times compared to 2005.According to the QS world university ranking, the average score of top three Chinese universities has exceeded that of German universities. China is narrowing down the gap of academic performance with the U.S. and increasing the advantage over European countries. China has moved up five places in the ranking list from five years ago. The report also said that China has shown increasing investment in scientific research investment and financing. Input in research and development in China today takes up more share of GDP than the UK. Meanwhile, the government has stipulated the goal in the 13th Five-Year Plan that the ratio of R&D input in GDP must reach 2.5% by 2020. Therefore, UBS predicts that China is likely to surpass the U.S. in terms of the overall scale of research and development investment by 2019.

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