Trade Resources Economy Innovation Becomes a Personal Pursuit for Entrepreneurial Success

Innovation Becomes a Personal Pursuit for Entrepreneurial Success

China's economy will enter a new phase, as innovation becomes a personal pursuit for entrepreneurial success. According to the Organization for Economic Cooperation and Development, China's absolute input in research and development was $311 billion last year, which surpassed the $292 billion total of the 28 members of the European Union for the first time.

Regarding those product categories that are difficult to place on the very high end of the world market, they could be upgraded from "low cost" to "smart value," meaning goods with very low prices but much higher quality and technologies, the professor said. Such products can be very successful both in emerging and consolidated markets, especially in times of economic crisis.

Justin Ren, professor of technology management at Boston University's School of Management, said becoming an established global business requires strong institutional support from its home country: Its financial, legal (particularly those related to intellectual property), taxation and education systems all need to function well so companies can thrive. In this respect, China's companies have a long way to go.

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