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2015-01-09 Promoting Innovation in China
   2015-01-09 11:30:20    CRIENGLISH.com      Web Editor: Ding Heng

Innovation is crucial for China's future growth. But for the world's second largest economy, which has long depended on cheap labor to win the market, gearing China toward innovation-based growth is by no means an easy job.

Efforts to foster innovation need to come from multiple fronts. First, China needs to continue incremental investment into innovation spending. It also has to make sure that it is spent on the right areas and with high efficiency.

Secondly, innovation needs to tap into the potential of different players. They include enterprises, both state-owned and privately-owned, as well as universities and research institutions. For this matter, China needs to seek a more balanced role among the different players by letting the markets to decide which direction that innovation should go.

Also, China should invest more in institution building by bettering the legal environment where IP rights are under sufficient protection.

So what are experts saying about all these important factors in driving innovation? How can China foster genuine innovation through institution building?

Ni Hao, you're listening to People In the Know, presenting you with insights into the headlines in China, and around the world, I'm Zheng Chenguang in Beijing.

We speak to Wang Qing, Professor of Marketing and Innovation, at Warwick Business School in the UK, and Professor Fu Xiaolan, Director of Technology & Management for Development Centre, University of Oxford.

 
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