China’s Transition to a More Innovative Economy Progress and Challenges

After more than three decades of high growth based on the exploitation of low-wage and demographic advantages interacted with incremental market-oriented reforms and international openness, China now confronts higher wages and a shrinking workforce. Future growth will therefore depend increasingly o...

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Bibliographic Details
Published inChina's New Sources of Economic Growth p. 173
Main Authors Shang-Jin Wei, Zhuan Xie, Xiaobo Zhang
Format Book Chapter
LanguageEnglish
Published ANU Press 20.07.2017
Subjects
Applied sciences
Business
Business engineering
Business innovation
Civil law
Data products
Development economics
Development studies
Economic development
Economic growth
Economic growth rate
Economic policy
Economic transitions
Economics
Industrial property
Information science
Intellectual property law
International economics
Inventions
Law
Macroeconomics
Patent law
Property law
Public finance
Social sciences
Subsidies
Tax subsidies
Technological change
Technological innovation
Technology
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Summary:After more than three decades of high growth based on the exploitation of low-wage and demographic advantages interacted with incremental market-oriented reforms and international openness, China now confronts higher wages and a shrinking workforce. Future growth will therefore depend increasingly on innovation and increased productivity. We assess the likelihood of China making this transition, using matched firm-level data on patent applications, receipts and citations and a survey of manufacturing firms. We find that embracing new international opportunities and adaptation to rising labour costs are two leading factors in China’s increasingly innovative economy. As a result, Chinese exports are increasing in
ISBN:1760461296
9781760461294