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Innovation to contribute up to 50% of GDP by 2025 in China
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China's innovation moves are expected to contribute 35 to 50 percent of total GDP growth from 2015 to 2025 with a number of supporting policies announced to boost entrepreneurial companies, a latest study by consultancy firm McKinsey Co said today.
Innovation will play an increasingly important role in addressing China's economic challenges including aging population and declining return on fixed investment, McKinsey Global Institute said in a research report.
In the past five years, innovation contributed 30 percent of China GDP growth, according to McKinsey Global Institute's analysis.
China has unique advantage and capability in the customer-focused innovation and efficiency-driven innovation is already a top global competitor.
"China's massive and dynamic domestic market as well as a positive mechanism to allow market players to and receive feedback have created a favorable environment for innovation," said Chen Yougang, McKinsey partner and head of McKinsey Global Institute.
China will see more diversified innovation formats with continuous market-oriented reforms in recent years have laid a solid foundation, Chen noted.
But innovation in the scientific research sector in China is still lagging behind as a result of lacking of a healthy ecological system, with the quality of output from the scientific innovations does not match the quantity of funding.
"Continued reform, particularly in state-owned enterprises, can help enable more innovation," senior partner and director of McKinsey Global Institute Jonathan Woetzel added.
Multinational companies also should leverage these capabilities to enhance their global competitiveness by investing more in their local research and development facilities, the study pointed out.
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