Innovation and technology are key to lifting billions of people out of poverty and to solving the existential challenges facing our world. For the past decade, large investments and innovation in renewables and electric vehicles by the state and private companies are paving the way for a much less polluted world and the last age of oil. Technology creation and innovation such as artificial intelligence, big data and robotics are key for sustained growth — and the world needs more innovation.
For the past 15 years, we have seen an impressive rise in technologies created in emerging Asian economies. Measured by the number of patents granted in the US, the “Asian Miracles” are already contributing more than the major European economies to global technological progress. China’s patents granted in the US went from about 100 in 2000 to over 8,000 in 2015, more than the UK or France (about 6,500 in 2015).
Such an advance in technology creation is of benefit to all economies, encouraging innovation and competition, as well as promoting growth and standards of living. In other words, emerging Asia no longer fits the standard growth storyline of FDI inflows and low costs of production. It is also becoming the region of dynamism, entrepreneurship and ingenuity.