According to a new report from the OECD, China needs more innovation in order to become an advanced economy. From AP:
Better protection of patents and other intellectual property, more cooperation between the government and the private sector and reforms to foster competitive markets are among the top needs the Paris-based OECD outlined in a report issued in collaboration with China’s Ministry of Science and Technology.
The stakes are high for China. Despite its sizzling economic growth, the country relies mainly on low-tech industries staffed mostly by unskilled labor. [Full text]