Innovation’s share of GDP growth to rise
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INNOVATION is set to contribute 35-50 percent of China’s total gross domestic product growth from 2015 to 2025 as it will play an increasing role in meeting economic challenges, McKinsey Co said in a latest study yesterday.
In the past five years, innovation contributed 30 percent of China’s GDP growth, according to McKinsey Global Institute’s analysis.
Innovation is expected to address the country’s challenges like an aging population and to boost return on fixed-asset investment, the institute said in its research report.
“China’s massive and dynamic domestic market as well as a positive mechanism to allow market players to give and receive feedback have created a favorable environment for innovation,” said Chen Yougang, McKinsey partner and head of the institute.
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