Chinese and US S&T Innovation Policies and Their Effects on Economic Growth Potentials

Since the eruption of the recent global financial crisis, major countries have been pushing forward structural reforms with science and technology (S&T) innovation at the heart. Since taking office, US President Donald Trump has adopted an ''America First" strategy but has yet to...

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Bibliographic Details
Published inChina economist (Beijing, China) Vol. 12; no. 4; p. 32
Main Authors Baoming, Chen, Minglei, Ding
Format Journal Article
LanguageEnglish
Published Beijing Institute of Industrial Economics, Chinese Academy of Social Sciences 01.07.2017
Subjects
Budgets
Development strategies
Economic crisis
Economic development
Economic growth
GDP
Government spending
Gross Domestic Product
Industrial Revolution
Innovation policy
Innovations
International finance
Manufacturing
Political campaigns
Presidents
Private sector
R&D
Research & development
Research & development expenditures
Science and technology
Technology
United States > US
China
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Summary:Since the eruption of the recent global financial crisis, major countries have been pushing forward structural reforms with science and technology (S&T) innovation at the heart. Since taking office, US President Donald Trump has adopted an ''America First" strategy but has yet to specify a clear S&T innovation policy. However, Trump's current policies have already affected S&T innovation and his planned budget cuts will impact US growth potentials. Compared with the US, China is steadily implementing its innovation-driven development strategy with significant improvement in S&T innovation that increasingly supports economic growth. To spur future economic growth, China should steadfastly follow its S&T innovation strategy, promote the utilization of S&T innovation results, boost its economic growth potentials and make the most of global innovation resources.
ISSN:1673-8837
DOI:10.19602/j.chinaeconomist.2017.04.02