Innovation has become a critical factor for a countries’ economic development, and has been one of the main drivers of GDP growth in most OECD countries for more than two decades. Asian giant, China is playing a bigger role than ever before in the development of new technologies. Chinese firms like Huawei, Lenovo and Haier are already posing a serious threat to global organisations.
The recent inclusion of China into the 25 most-innovative economies is an affirmation of the country’s improved innovation performance. It is for the first time a middle-income country has joined the highly developed economies that have historically dominated the top of the Global Innovation Index (GII).
Hong Kong will be one of the world’s earliest adopters of 5G mobile broadband services. China’s chance to lead global innovation may lie with 5G mobile technology development. The Chinese currency yuan has just entered the IMF’s elite currency club.