China knows more about the US than vice versa… It may take decades for China to catch up to the United States in terms of innovation, but John Quelch, dean of the China Europe International Business School in Shanghai, says America should not underestimate China’s capacity to innovate. The country has a highly competitive domestic market, an increasingly high-quality, higher-education system, well-trained scientists, and many R&D centers affiliated with multinational companies.
This Corporate Executive Board article links to the Harvard Business Review blog http://blogs.hbr.org/cs/2011/11/get_ready_for_china_s_innovati.html with provides very interesting insights and stats.
“Chinese policymakers know that for 50 years the United States has invested around 3% of GDP in R&D. It will take decades before China is on a par with America in innovation. But the Chinese have a clear long-term plan, a highly competitive domestic market that demands innovation, an increasingly high-quality higher-education system, an army of well-trained scientists in the overseas diaspora, and many overseas multinationals pouring money into R&D centers in China as the price of admission for market access.”