China's Transition to the Innovation-Driven Economy: Stepping Stones and Road-Blocks

Besides its past outstanding accomplishments in terms of extensive development, China has also accumulated multiple distortions and structural imbalances and has reached a crossroads, where a major qualitative switch is a must. Its outdated export-oriented economic model has covered both the factor-...

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Bibliographic Details
Published in:Global economic observer 2016-06, Vol.4 (1), p.31-46
Main Authors: Pencea, Sarmiza, Bâlgar, Ana-Cristina
Format: Article
Language:English
Subjects:
China
Competition
Competitive advantage
development model
Economic development
Economic growth
Economic models
GDP
Global economy
Gross Domestic Product
innovation- driven development
innovation- intensive
innovation- led developme nt
Innovations
Productivity
R&D
Research & development
S&T
science and technology
Standard of living
Studies
Technology
Transitions
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Summary:Besides its past outstanding accomplishments in terms of extensive development, China has also accumulated multiple distortions and structural imbalances and has reached a crossroads, where a major qualitative switch is a must. Its outdated export-oriented economic model has covered both the factor-driven and investment-driven stages of development and now China needs to more firmly advance towards the stage of innovation-led growth, transiting from cheaply processing and assembling foreign-designed goods, using foreign-designed technologies and supplying foreign markets, to producing high quality, services-and-knowledge-intensive products, using locally-devised technologies and meeting, primarily, its own domestic demand. This paper looks at the progress attained in recent years in the Chinese research, development and innovation system, sketching its landscape in terms of structure, endowment and goals, inputs and output improvement, significant shifts and trends paving the way to an innovation-driven economy, as well as to potential road-blocks on the way.
ISSN:2343-9742
2343-9750