China among 20 most innovative economies for the first time, report says
Global Innovation Index 2018 includes higher placing for China that ‘reflects its strategic direction’, while US drops out of top five
China joined the world’s top 20 most innovative economies for the first time while the United States fell out of the five top-ranked countries, according to a report released on Tuesday by one of its cosponsors, the United Nations’ intellectual property agency.
The Global Innovation Index 2018 keeps Switzerland in the No 1 spot, followed by the Netherlands, Sweden, Britain and Singapore. The US fell from fourth place in 2017 to sixth this year, while China jumped from 22nd to 17th in the rankings.
Francis Gurry, director general of the UN World Intellectual Property Organisation (WIPO), said China’s ranking represented a breakthrough for its economy, which was rapidly transforming and prioritising research and ingenuity.
“China’s rapid rise reflects a strategic direction set from the top leadership to develop world-class capacity in innovation and to move the structural basis of the economy to more knowledge-intensive industries that rely on innovation to maintain competitive advantage,” Gurry said.
Now in its 11th edition, the index ranks 126 economies based on 80 indicators ranging from the creation of mobile applications to education spending, scientific and technical publications, and intellectual property filing rates.