The long-awaited report from the World Bank on the future of China has finally been released.
The report is of particular significance for several reasons. First, it has the endorsement of the Development Research Center – the State Council’s think tank. Second, it gives 6 clear strategic directions as to China’s development strategy. Third, it highlights the importance of innovation (even open innovation) and the necessity to link the country to global R&D networks.
To deliver on the innovation part, the focus will be placed on increasing the quality of universities and the links with industry, fostering innovative cities where talent and ideas flow freely and improving capital allocation. It all sounds very well thought through. Like all plans (and this one has 19 years to run) implementation will be key. So will be making sure that the institutional framework evolves at the same speed.