抄録
Since shifting to reform and open-door policies at the end of the 1970s, China has leveraged an abundant workforce and low wages to achieve rapid development. However, as labor shortages have become increasingly apparent lately, its potential growth rate has declined sharply. China needs to transform its pattern of economic development by shifting its growth engine from expanding labor input to speeding up productivity growth through innovation.
While in the past, innovation was led by the government, as the market economy progresses, private companies, particularly those in the IT industry centering on the internet, are emerging as the dominant force. Against this backdrop, the international reputation of innovation in China has been rising rapidly.
