China “is aggressive” in encouraging innovation in manufacturing compared with other countries as 62 percent of Chinese executives said their companies would pump more money into innovative research and development, a KPMG survey revealed.
Ahead of the release of the auditing firm’s 2016 global manufacturing outlook next month, KPMG said 62 percent of the 36 Chinese manufacturing executives said they would put over 6 percent of revenue into innovation, up from 36 percent who said so last year.
“But no one is as aggressive as China,” said Douglas K. Gates, global chair in charge of industrial and manufacturing of KPMG. “Nowadays China does not stop at processing goods from global markets; Chinese companies are more competitive in product innovation.”
Gates added: “Chinese products are taking over the global market, but nowadays they are more innovative.”
China’s gross export value in March grew 18.7 percent year on year to 1.05 trillion yuan ($162 billion), and a trade surplus of 1.04 trillion yuan was achieved in the first quarter.
The Chinese economy has been guided by “public entrepreneurship and innovation,” which was raised by Premier Li Keqiang in September 2014.
Huawei Technologies Co last year spent $9.2 billion on research and development, up almost 23-fold from $389 million in 2003.
