BEIJING: Asia, particularly East Asia, is becoming one of the world’s most vibrant innovation hubs, with China standing out as a major global innovation promoter, according to a report released by the Boao Forum for Asia (BFA).
Technology and innovation capabilities have spilled from developed countries into developing ones, notably China and Southeast Asian countries, whose remarkable progress on this front is matched only by their investment, the Boao Forum for Asia Innovation Report 2020 has revealed.
Global innovation hubs and cities also tend to congregate, with innovation being most active in Western Europe, North America, and especially East Asia, it said. China is becoming more innovative, the report said, citing the World Intellectual Property Organization’s Global Innovation Index, which shows that in both 2019 and 2020, China ranked 14th, making it the only middle-income economy that ranked among the top 30 most innovative countries.
BFA Secretary General Li Baodong attributed China’s remarkable progress to its top-down support through sound and consistent policies, bottom-up initiatives by dynamic enterprises, as well as improved innovation capabilities facilitated by international-oriented development and globalization. –Agencies
