Chinese Innovation: Then and Now
Are you considering living or getting a job in China? Perhaps that the best decision you will ever make in your life. It is good for you to know that China is set to take over all other countries to become the world’s greatest innovator by the end of this decade. This is because the government pushes for new ideas and its large population which offers ready markets for these ideas. It would be wise to be part of this generation that will take over the world’s innovation to a whole new level.
Since the beginning of time, China has celebrated its four greatest inventions which are the compass, printing, gunpowder and paper making. These inventions were invented several years ago, and yet they continue to revolutionize the world’s economy. A Chinese government resurgence continues Chinese corporations and the government is working round the clock to make China the greatest innovator.
In the recent past, technology and innovation have become the greatest words in the Chinese innovation industry. According to a Chinese survey conducted last year by the global management consulting firm, innovation and strategy are always the top priority of most Chinese companies with a margin of 42% compared to just 21 percent of other world’s multinationals.
If you are considering settling and working in China, you will benefit from a raft of government policies that are focused towards increasing innovations and inventions. For example, the current five-year plan for the Chinese government has set aside at least 3-3 patents for every 10000 people. Additionally, application FOR patent rights are greatly increasing in China rising from below 40000 back in 2003 to more than 800000 in 2015.
Though this growth can be attributed to the government’s fierce lobbying, the Chinese innovation levels cannot be downplayed by anybody wishing to get a piece of it. It is better to be part of this innovation than just being on the spectating team. So to say, it is very evident that the Chinese government is shifting its focus from just quantity to quality. The question is, what part will you play in this innovation?
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As though that is not enough to justify your relocation to China, a last year’s report by the US National Science Board indicate that the Chinese share of the global technology market increased from a mere 8% percent to a whopping 24% by the close of 2012. That way back four years ago. Where do you think these figures are? An expert of innovation from the University of Sydney, Dr. Thomas Barlow indicates that a single person’s research and development in China exceeds that of most western countries.
By these trends, the OECD projects China will overtake the United States as the world greatest investor. Such kind of economic change and shift should be reason enough to settle in this emerging superpower.
An economic imperative
Since its conception, China has been focusing on the importance of innovation to build a healthy Chinese economy. Beijing embarked on a growth model based on low rents, cheap labor and mass production of low-value commodities (this production is on its way down to extinction) as eastern China assumes a middle-class status.
The Chinese government does not want its economy to get stuck on the middle-income earners but has formulated policies to stir it ahead to become a high-income economy to achieve this; the Chinese government is well aware that it needs a whole new and innovative way to defeat an economy that is stagnated on this point.
For several years, critics and skeptics dismissed these strategies as a rope through which China would strangle its economy, to an extent of being featured in the Harvard business review on an article titled as “why China cannot innovate”. However, the current success in the Chinese economy has dismissed these critics.
From cost to innovation
Supported by a vibrant generation of Chinese consumers, and high technology, most or even all Chinese companies have carved or are carving their way to success. In support of this, last year’s innovation survey ranked several Chinese companies as the most innovative. On the list of these companies some were: Alibaba, Huawei, Tencent, Xiaomi and Baidu.
Each of these companies has demonstrated ambition and their capability to invent and innovate. Each of these companies has by large supported the Chinese financial sector. Each is striving to make its brand into an international one.
Clearly, for an intern seeking to settle or work in China, pioneers of the tech industry such as Alibaba and Huawei have proven that innovation pays. In this fast growing economy, it is very evident that anybody, especially from the west has a part to play. The question is, are you ready to settle and work in this innovative country? Are you ready to be part of this innovation? The answers to these questions are fully dependent on you.
Currently, the capacity of the Chinese innovation remains to be a ticking time bomb. Its transition from fro gradual growth to a booming breakthrough has already communicated a lot to the world. Chinese multinationals have already demonstrated their ability to adapt to the fast moving world of innovation, whichever tool they have employed, the bottom line remains to be thy have achieved success and are yet to achieve more.
The reality is, it would be very foolish to imagine that Chinese companies do not have the ability to harness different forms of innovations to steer their economic growth to a higher level. As an extremely competitive domestic market, Chinese innovation is set to go higher levels.
The final verdict is, as an intern or a person planning to settle and work in China, you will have made the outright decision. It is better to be part of the innovators than just being users of the innovation. Just like studies indicate, by the end of this decade, China will overtake the United States as the world’s biggest investor in the fields or research and development. Will you be part of the new generation of innovators? As a person willing to work and settle in China, you have the chance. Go ahead and seize it.