China in top 25 innovative economies for the first time

9/19/2016 11:33:00 AM

China has entered the world's top 25 of innovative economies for the first time. The country moved up from its 29th spot in 2015 to 25th this year.

China’s jump in the rankings is recorded in a report by the United Nation's World Intellectual Property Organisation (WIPO), INSEAD Business School and Cornell University. Of the top 25 economies, 15 of the countries hail from Europe. Switzerland is the most innovative economy, followed by Sweden and the UK. The US is number 4 in the ranking, followed by Finland, Singapore, Ireland, Denmark, the Netherlands and Germany.

According to WIPO, China has now for the first time joined the upper income group of countries that have traditionally dominated the top slots in the global innovation index. IBTimes reports that the jump of China may be the result of the current emphasis on innovation in the transition of the Chinese economy from 'Made in China' to 'Created in China.

According to Bruno Lanvin (INSEAD), "China breaking into the top 25 is just a harbinger of more to come."

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