China among fastest risers in world's most innovative economies ranking: WIPO

GENEVA, Sept. 26 (Xinhua) -- China moved up one spot to 11th place in the ranking of the world's most innovative economies, making it one of the fastest risers over the past decade, according to the Global Innovation Index (GII) 2024 released by the World Intellectual Property Organization (WIPO) Thursday.

China remains the only middle-income economy in the top 30 while Switzerland, Sweden, the United States, Singapore and the United Kingdom are the world's top-ranked innovative economies, according to the GII.

The 17th edition of the GII, which serves as a critical benchmark for global innovation trends, reveals that despite some countries' rapid climb, the broader innovation landscape faces challenges.

Venture capital funding dropped by about 40 percent in 2023, reversing the boom between 2020 and 2022. Additionally, growth in research and development expenditures has slowed, alongside a decline in international patent filings and scientific publications.

"However, technological progress remained strong in 2023, particularly in health-related fields like genome sequencing, as well as in computing power and electric batteries," said WIPO Director-General Daren Tang.

"Technology adoption also deepened, especially in 5G, robotics, and electric vehicles. This year's GII also reveals positive trends in key indicators, including a decline in global poverty and rises in labor productivity and life expectancy," he added.