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China’s Plan to evolve into a global hub for innovation

The goal is to transform Chinese firms into multinationals ranking among the world’s top companies and develop soft power.

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With climbing college enrollment and a R&D staff exceeding 1.5 million, the nation is reforming its higher-education system, hiring practices and immigration regulations; encouraging cooperation with industry; developing new majors in the sciences in areas like alternative energies and new-materials engineering; and offering incentives for Chinese students who studied overseas to return home, report researchers Xu Liyan and Qiu Jing, Samsung Economic Research Institute.

Chinese overseas student returning in China from 2006 to 2011

China is determined to evolve into a global hub for innovation.

“Plans are underway for 1200 education facilities – or ‘talent incubators’ – for training technicians to be built in major cities by 2020,” they report. The government is also funding initiatives to develop leaders in philosophy, social science, publishing, culture, the arts and heritage protection.

The goal is to transform Chinese firms into multinationals ranking among the world’s top companies and develop soft power. China and other nations must use care not to create an excess supply of talent amid a shortage of jobs, contributing to a lifetime of disappointment. – YaleGlobal

via Beyond Factory Floor: China’s Plan To Nurture Talent.

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