China on track to become innovation power

China is "on the right path" towards a leading power in global scientific and technological innovation, according to Soumitra Dutta, founding dean of the Cornell SC Johnson College of Business and co-editor of the Global Innovation Index (GII).

China came in 22nd place in the GII's overall ranking published by the World Intellectual Property Organization in June, making it the first ever middle-income country to enter the top 25. In 2012, China ranked 34th, marking consistent progress since then.

"China has been doing extremely well in (the Global Innovation Index ranking)," Dutta told Xinhua News Agency.

"China has been investing for many years on some basic elements, for example, human capital and research and infrastructure... China is doing a lot of right things," he added.

The Chinese government has been offering financial investment for technological innovation. Among other things, it launched a campaign of "Mass Innovation and Entrepreneurship," which includes a package of measures and policies to encourage creativity and entrepreneurship.

China has also opened up more to international cooperation. The second US-China Innovation and Investment Summit (UCIS) in Houston in May was aimed at facilitating collaboration between innovative technology companies in China and the US. It brought together more than 500 participants, providing a valuable opportunity for US-based technology companies to connect with investors, strategic partners and professional services from China.

"Close cooperation is extremely important for innovation, innovation is a global phenomena, people collaborate across border, across country, that's how innovation comes," Dutta said, calling for closer international cooperation to push forward global innovation.

Technology innovation has become the new engine of economic development. “China can no longer be a low-cost producer,” he added.

(With inputs from Xinhua)

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