Innovation: China’s new frontier
By Chua Wee Phong (Sphere Exhibits)
In November 2010, the State Intellectual Property Office of China outlined broad economic objectives and specific targets to be attained by 2015 through the use of new patents. The document, titled “National Patent Development Strategy (2011-2020)” revealed China’s intention to power the development of its economy not through low-cost manufacturing, as it had in the past, but through the use of a new tool – innovation.
This is not a new strategy. At the recent ASEAN Regional Entrepreneurship Summit, US Secretary of State Hilary Clinton pinpointed the innovation and creativity of young entrepreneurs in Indonesia can help the government solve the problem of providing jobs to the 75 million Indonesians currently under the age of 18 . What makes the notion of innovation as an economic lever interesting is that it represents a substantial change in traditional Chinese economic planning.
Read the rest of the article at China Daily.