China's Race to Innovate

Are we paying close attention?

Innovation was a major theme at the recently concluded China National People's Congress, with the government unveiling its latest five-year plan calling for big increases in spending to nurture innovation.

China is targeting a broad range of sectors, including some controversial areas such as stem cells, gene therapy, and genetically modified crops; and some areas that the U.S. has long dominated, including software, semiconductors, and space exploration. And China aims to become a leader in emerging technologies such as renewable energy sources ranging from solar, hydro, and wind power to fuel cells. By 2050, China intends to surpass the U.S. and become the biggest player in the world of science.

There are many reasons that Beijing wants to push the innovation agenda. One is national pride: As a great nation that was coming up with innovative breakthroughs when Europe was in the Dark Ages, China believes it should be a leader, not a follower. Another reason is national security. The Communist regime doesn't like being at the mercy of foreigners for key technologies.

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