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Innovation key driver of China’s economy

Updated: May 11,2015 11:53 AM

In fact, innovation is a key driver of China’s economy. It has been for years, and the government is putting money behind it.

Chinese companies are increasing research and development spending by up to 20% a year. Meanwhile, R&D spending in the United States is growing at about 1% to 4%.

The investment is paying off for China. The country is now home to some of the world’s most innovative companies -- particularly in fields of mobile technology, biotech and medical devices.

-- Charles Riley

Staff writer of CNN

The comment was published on May 29, 2015