The Innovation Development in China in the Context of Globalization

• Published in: WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS 2020, Vol.17, p.523-531
• Main Authors: Babenko, Vitalina, Pravotorova, Olga, Yefremova, Nataliia, Popova, Svitlana, Kazanchuk, Irina, Honcharenko, Vladislav
• Format: Article
• Language: English
• ISSN: 1109-9526
• DOI: 10.37394/23207.2020.17.51

China's economic development has entered a stage of high quality due to the increasing supply of innovations and the strengthening of the innovation environment. This created the attractiveness of an innovative economic system, conducive to building a modern globalization space. The purpose of the article is to study the current state of China's innovation development; conducting a comparative analysis of individual macroeconomic indicators that characterize the national innovation system between countries. For a detailed examination of the state of development of innovation processes for each country, indicators that contribute to the development of innovation in the country are analyzed. GDP is considered as a sign of innovation and technical condition of the studied countries; balance of payments; foreign direct investment: іnward and outward flows and stock, annual. Regression analysis was used as the study method. With its help, on the basis of statistical information for the period 2013-2019, analytical dependencies (growth curves) for each studied indicator were determined. Using the calculated equations of the growth curves, the predicted values of the studied traits for the period 2020-2022 are determined. This is how we see GDP growth, especially for countries such as China and the USA. The forecast showed a positive balance of payments only for Hungary, Russia and Greece, for other countries it is negative, the largest of which is in the USA. Leaders in foreign investment are countries such as China, the USA and Russia, and Ukraine also has a slight but upward trend. Thus, studies show that expanding the scope of market mechanisms and stimulating innovation at the micro level, the Chinese leadership has not lost sight of macroeconomic levers of regulation