Innovation in Chine nowadays

Innovation data show that both the perceived quality and the effectiveness of innovation in China continue growing. The 13th Five-Year Plan 2016-2020 expects an increase of 6.5% per annum over the next five years of the Chinese economy, which is lower than the previous years, but this economic slowdown is a process controlled by the Chinese authorities.

 

This slowdown is because China will focus on the quality of growth rather than quantity, although, in the short term, China will remain as one of the great factories of the world.

 

They propose to modify a development model based on the export manufacturing sector and industrial investments for another that prioritizes domestic consumption and a more competitive services sector, with a greater presence of foreign investments.

 

Chinese companies are focussing on “the great technological leap” to compete globally with the major foreign brands, mainly US and European. Outstanding Huawei and ZTE in the telecommunications sector and Baidu, Alibaba and Tencent operating on the Internet.

 

These changes in the development model also have consequences for population policies in China. The population policy will be modified allowing couples to have up to two children. The rapid aging of the population is decreasing the available labour force.

 

China’s rapid transition from a developing economy to an advanced and innovative economy is a great opportunity for foreign companies, especially for the environment, health, tourism, food and capital goods.

 

China is a difficult market. Success or failure depends on whether entrepreneurs and professionals have or not, a good knowledge of the economic, social and cultural reality of each market. Consequently, in China it takes a lot of effort and persistence to reach good results, and are usually achieved in the medium and long term.


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