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US Benefits from Chinese Innovation Boom

US Benefits from Chinese Innovation Boom

Ushering in the beginnings of an Asian century has left many in the West feeling unsure of the United States position in the global economy.  For so long, the US has dominated industry, innovation, and finance, that it is now faced with the unprecedented fact that its position of dominance is being tested.  However, instead of dreading this change, the West should embrace the challenge and recognize the potential in it and consider the advantages of partnering with China.

 

China’s move to commanding global innovator hasn’t been overnight.  It’s been a slow and steady process that began in force in 2011 when Chinese officials set about and established a set of policies and goals for the production of patents.  They met that goal and China is now the top filer of patents, globally.  China also awards more PhD’s in science and engineering than any United States University.  Additionally, undergraduate degrees in science and technology fields are awarded twice as frequently in China as in the United States.

 

In an environment that is becoming increasingly knowledge-based, it’s imperative for companies to cooperate and partner with each other. Trade relationships between China and the United States should continue to grow with initiatives that will incentivize trade and reduce or resolve problems.  Meetings between officials have taken place to discuss the significant challenges to the protection of copyright and intellectual property.  Partnering with China would mean a significant increase in consumer choices, job, and economical growth for both countries.

 

China’s outward innovation and its substantial investments have room to grow and much of that growth would benefit the United States.  Fostering Chinese innovation would strengthen our own innovation base while facilitating investments into Research and Development.  A vaccination produced in China has become the first to become accredited by the World Health Organization – an obvious benefit to the global population.

 

Even Bill Gates, founder of Microsoft, agrees that China’s technical innovations can help the world lead healthier and more productive lives.  China continues to bring innovation from the United States to its shores for further development and innovation.  This is a compelling reason for the US to continue exports with China – as the grassroots development of technology benefits both countries economically.

 

As China continues to make strides in technology, science, and engineering, it’s innovative nature will continue to flourish and contribute even more to the success of people everywhere.  There will be individual winners and losers in the United States and Asia but the competitive nature of innovation between the nations will be a positive development, driving both to innovate faster, smarter, and harder.

 

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