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CHINA: "Overcapacity: A Potential ‘Speed Bump’ in the World’s Largest Automotive Market " report

CHINA: "Overcapacity: A Potential ‘Speed Bump’ in the World’s Largest Automotive Market " report. 16-page report by KPMG.

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back to index backCHINAtalk November,  2016


From factory to laboratory: can China become ‘leader not follower’ in innovation?

Despite increases in innovation, China’s companies are still playing catch up with international counterparts.

Shanghai biotech firm founder Wen Danyi has good reason to be confident about her company’s prospects.

Wen and her five-year-old contract research company Shanghai LIDE Biotech is helping pharmaceutical giants like Merck develop cancer drugs in a country in dire need of better and cheaper medication.

About 12,000 people are diagnosed with cancer and 7,500 others die from the disease each day in China, home to the world’s biggest ageing population.

For Wen, it’s personal. After 17 years of studying and working in the United States, as well as surgery for thyroid cancer, she returned to China to have a bigger impact on a society. Five years ago, there were few Chinese companies making new drugs, but in recent years demand from local clients has burgeoned,” Wen said.

It’s still early days, though. Wen’s firm reported 70 per cent growth in revenues to 10.2 million yuan (HK$11.85 million) last year, but its losses were more than double that income, according to its published financial statements.

Nevertheless, Shanghai LIDE is an example of the kind of innovation-driven enterprise that the central government hopes can help shift the economy’s focus from cheap exports to sustainable services.

And like Shanghai LIDE, China can claim some progress in its quest. It has made it into the top 25 in the World Intellectual Property Organisation’s Global Innovation Index. China’s State Intellectual Property Office also granted 359,000 patents last year, the highest total of any country.

But many of those advances are refinements of existing designs rather than breakthroughs, and few translate into practical benefits, researchers say.

The ultimate goal of innovation should be to turn achievements on paper into profit – to create greater value for companies and society and, in this sense, our innovation is incomplete,” Xu Chunming, deputy head of Shanghai University’s Intellectual Property Institute, said.

Xu said most Chinese patent applications were driven by government incentives – universities applied for patents because they could get government funding for certain projects. And businesses did the same to qualify for the tax breaks and subsidies open to ­hi-tech” firms.

Commercial creativity is also held back by the lack of protection for intellectual property, labyrinthine approval procedures for new products and little funding for private-sector research.

To read entire article, please click here.

Source: South China Morning Post - GAI






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