China now a force to be reckoned with in innovation
At first sight, it is disquieting news for established industrial nations but, on closer inspection, opportunities become apparent. Emerging nations and aspiring industrial nations are increasingly investing in patents and innovations. This trend is particularly prevalent in China.
About 30 years ago, China could not lay claim to a single patented invention. Nowadays, however, about 300 000 patent applications are filed in the country each year, and it is thought that China will become the world leader in terms of patent applications – ahead of Japan and the US.
The rising number of patent applications not only points to China’s growing economic strength, but also illustrates the country’s increasing capacity for innovation.
“In China , it is becoming less and less about just reproducing what has come before. The aim is to actually out- strip the traditional industrial nations, and that is in terms of innovations too,” says Bosch Rexroth executive board chairperson Dr Karl Tragl, according to a report in Engineering News. >>More here