ABSTRACT
While the economies of most Western countries have struggled with job losses and budget cuts, China has sustained its robust growth since the 2008 global financial crisis, and has also substantially increased its investment in R&D activities. China is investing heavily in R&D and has been making great efforts to transform itself into a knowledge economy. China is another step closer to its ambition of becoming a global leader in innovation and high-tech industries. The velocity and complexity of the restructuring and the scale of the process are unprecedented. The rise of China and its move up the global value chain have ignited widespread concerns over China's challenge to the Western leadership in innovation and high-tech industries.
