Incentives for Innovation in China Building an Innovative Economy 1st Edition by Xuedong Ding, Jun Li 0415603943 9780415603942

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ISBN 10: 0415603943 

ISBN 13: 9780415603942

Author: Xuedong Ding, Jun Li

In the past three decades, China has successfully transformed itself from an extremely poor economy to the world’s second largest economy. The country’s phenomenal economic growth has been sustained primarily by its rapid and continuous industrialization. Currently industry accounts for nearly two-fifths of China’s gross domestic product, and since 2009 China has been the world’s largest exporter of manufactured products. This book explores the question of how far this industrial growth has been the product of government policies. It discusses how government policies and their priorities have developed and evolved, examines how industrial policies are linked to policies in other areas, such as trade, technology and regional development, and assesses how new policy initiatives are encouraging China’s increasing success in new technology-intensive industries. It also demonstrates how China’s industrial policies are linked to development of industrial clusters and regions.

Table of contents:

1 Aspire to innovate: Building an innovative economy
The concept of an innovation-oriented economy and its basic characteristics
Building an innovative economy in China: four considerations
A necessity for China’s choice of prosperity
An inevitable change in the mode of economic growth
A need for a balanced, environmentally friendly development
A need for enhancing core competitiveness of enterprises
Building an innovative economy: objectives and strategy
China’s objectives of building an innovative economy
China’s strategy of building an innovative economy
Notes

2 China’s national innovation system
The evolution of the national innovation system
The government-led formative period: 1949–1977
The market-oriented transition period: 1978–2005
The independent innovation-oriented development period: 2006 onward
National innovation system: components and governance
The components of the national innovation system
Enterprises in national innovation system
University and research institutions in the national innovation system
S&T intermediaries in the national innovation system
Government in the national innovation system
Governance of the national innovation system
The State Council Steering Group for Science, Technology and Education
Ministry of Science and Technology
State Administration for Science, Technology and Industry for National Defence
Ministerial bodies with S&T management function
Other agencies
Cross-government coordination mechanisms
National innovation system and regional innovation system
Differences in function and positioning
Goals sharing and complementarity
National innovation system and sectoral innovation system
National innovation system and economic opening-up
Notes

3 Fiscal incentives for innovation
Government expenditures on S&T
The guiding principle and government spending
The structure of government expenditures on S&T
Clearer positioning of expenditures on S&T
Optimizing expenditure structure for innovation activities
Increased funding for operating costs
Tax incentives for innovation
Research grants and subsidy
Corporation income tax unification
VAT reform
Tax incentives for R&D
Characteristics of fiscal incentives
Complementary fiscal incentives of local governments
Improved S&T system and innovative approaches to S&T funding
Ensured smooth transition of local public research institutes
Attracting needed talents for innovation and commercialization
Increased government expenditures on S&T infrastructure and facilities
Challenges in fiscal incentive for innovation
Notes

4 Financial policies for innovation
The framework of innovation-oriented financial policies
Mobilizing policy-oriented financial institutions to support innovation
Leveraging commercial financial institutions to support innovation
Improving financial services for technology-oriented SMEs
Developing the venture capital sector
Establishing a multi-level capital market for financing of innovation
Developing insurance services for high-tech enterprises
Improving foreign exchange management policy for high-tech enterprises
Policy instruments for financing innovation
Direct funding
Indirect funding
Reward schemes for additional lending to R&D projects and technology-based SMEs
Intellectual property rights pledge financing
Lending risk compensation funds
Guarantee schemes
Guarantee risk compensation funds
S&T banks (sub-branches)
R&D insurance
Innovation of trust products
Technical, infrastructural or knowledge support
The multiple-layer capital markets as infrastructural support for innovation
The establishment of a comprehensive platform for S&T-oriented financial services
The creation of an information system that bridges high-tech enterprises and financial institutions
Policy coordination and complementarities
Alignment of financial policies with innovation policies
New cooperation mechanisms for governments and financial sectors
Complementarity between central and local government policies
Optimizing the policy environment with regional characters
Clarity in the role of S&T-oriented finance in the regional regulatory system
The establishment of a coordinated mechanism
Challenges for financial policies
Notes

5 The public venture capital in China
The evolution of Chinese public venture capital initiative
The VC Guiding Funds (VCGF) initiative
Public venture capital fund models
Fund-of-funds
Co-investment
VC investment subsidy
Investment guarantee
Financing guarantee
Governance of VCGFs
The VC Guiding Funds (VCGF) initiative in action
The challenge of VCGFs
Performance against objectives
The VCGF design
Notes

6 Incentive for sectoral innovation: The energy sector
The energy industry in China’s social and economic development
Sustainability of the energy system
Negative effects on health and environment
Energy security
Economic opportunity
Challenges of energy development in China
Huge coal and hydropower resources and unusually low oil and natural gas endowment
Coal dominance in energy production and consumption
Rapid growth of energy production but low efficiency of energy use
S&T of energy sector in progress and in need of improvement
History of energy management system in China
Innovation in the energy sector in China
The S&T innovation system of energy sector in China
Key areas of innovation in the energy sector
The development of energy-saving technologies
Innovation in key technologies
Upgrading of equipment manufacturing capability
R&D on cutting-edge technologies
Basic research
R&D in the energy sector in China
Enterprise R&D investment
Energy R&D investment by research institutes
Investment on R&D in energy sector by higher education institutions
Government support of S&T innovation in the energy sector
Direct support to S&T innovation
Encouraging enterprises to implement upgrading projects with energy-saving technologies
Implementing relevant demonstration projects, accelerating diffusion of energy-saving technologies and products, and facilitating S&T innovation in the energy sector
Encouraging R&D and production of first MW wind power generating units and supporting technological innovation in the wind power industry
Supporting the development and use of biomass energy
Leveraging policy tools of taxation and government procurement to promote S&T innovation
Enhancing international exchange and cooperation on S&T innovation
Innovation in wind power technologies
Market development
The development of technological capabilities
Challenges in S&T innovation in the energy sector
Gaps with international advanced level in energy S&T
Lack of integration and coordination in the management of energy S&T
Lack of generic technologies innovation platform
Insufficient incentives and capacity in terms of technological innovation for enterprises
Notes

7 Incentive for regional innovation: The Yangtze River Delta
The evolution of the regional innovation system in the Yangtze River Delta
The prelude to regional S&T cooperation in the Yangtze River Delta
The development of regional innovation system in the YRD
The characteristics of the regional innovation system in the YRD
Regional innovation strategy
Multi-level governance of innovation policy
Innovation policy tools in regions
The challenges in regional innovation system building in the YRD
Cooperation in the YRD to a certain extent is hampered by administrative division
The cooperation mechanism of local governments is to be further improved
Vision and policies for regional coordination mechanism and overall development are still lacking
The further development of regional innovation system in the YRD
Local governments should pursue cooperative development based on common industries and technologies
Local governments should define the direction and focus of cooperation through a mechanism of regular dialogue and negotiation
Local governments should improve the coordination mechanism that promote interests/benefits sharing among different cities
Central government should enhance macro-control over the regional innovative cooperation of the YRD
Mechanism for regulating local government cooperation should be further standardized
Notes

8 Performance of national innovation system
Overall performance of the national innovation system
Performance of knowledge production system
Scientific paper publications
Patenting
Performance of knowledge diffusion system
Domestic technology transfer
Industry-university collaboration
Industry-led technology innovation strategic alliances
Absorption of foreign technology
The development of the STI service sector
Performance of knowledge application system
Business R&D investment
‘High-tech’ exports
Innovativeness of new and established businesses
Conclusion
Notes

9 Incentives for innovation: Chinese experiences
Playing with both the ‘visible hand’ and the ‘invisible hand’
Planning strategically and building a consensus
Building institutions through experimentation
Resolving differences and conflict of interest through consultation
Encouraging complementary forms of innovation to achieve the ultimate aim of independent innovation
Reforming the S&T system through evolutionary institutional innovations
Giving space to spontaneity within the scope of innovation strategic planning
Building university innovation capacity and developing innovative talents

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Tags: Xuedong Ding, Jun Li, Incentives, Innovation, China