2014 China innovation survey: China’s innovation is going global
In China, innovation is the first priority for 42% of Chinese companies, compared to 21% of MNCs, according to 2014 China Innovation Study done to nearly 400 executives from Chinese and foreign companies. Chinese companies are increasingly turning to technology to deliver first-to-market innovations, building on their historic strength in understanding local markets and customer needs. On the other hand, multinationals also realize that local innovation must rely on deep understanding of local customer needs. Meanwhile, innovation plays an important role in Chinese companies’ globalization strategies.