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China rose to 11th on the Global Innovation Index 2022, up from 12th last year, according to the World Intellectual Property Organization (WIPO) on Thursday.
Switzerland, the United States, Sweden, the United Kingdom and the Netherlands rounded out the top five, said the WIPO report.
China has stepped up efforts in recent years to transform itself into an intellectual property powerhouse. China, which ranked 34th a decade ago, is now on the verge of entering the top 10. It's a result of unremitting efforts, said Daren Tang, director general of the WIPO.
He noted that the Chinese government attaches great importance to intellectual property rights, and has created an innovation ecosystem in a very comprehensive way.
The R&D spending in China has increased in recent years, and the brand value of traditional and emerging companies has increased in a short period of time, said Dr. Sacha Wunsch-Vincent, co-editor of The Global Innovation Index at the WIPO.
He indicated that the global innovation landscape has also changed in recent years.
Seven out of 10 intellectual property applications now come from Asia, Africa and Latin America, compared with just five out of 10 a decade ago, said Wunsch-Vincent.
Tang believes places with huge populations and economic potential are starting to engage and shape the global innovation landscape. He added that it's a positive trend for the world, which he believes will continue.
In the future, the global focus will not only be on how to invest in innovation, but also on how to transform that investment into economic and social impact, according to Tang.
R&D and investment in innovation activities around the world boomed in 2021 despite the impact of the COVID-19 pandemic. The R&D spending of the world's top companies rose nearly 10 percent in 2021 and venture capital deals surged 46 percent, said the report, adding that some developing economies are doing better than expected in terms of innovation.
(CGTN)
