Explainer: What does China's innovation-driven development strategy mean for the world?

Furthermore, China has coordinated its innovation blueprint with its strategy for invigorating China through science and education, which underscores development based on progress in science and technology and the workforce development strategy focusing on fostering high-quality talent. Now the country has become home to the largest cohort of R&D personnel around the globe.

Apart from calling for moving faster toward self-reliance in science and technology, Xi in late January pledged more efforts to ensure better allocation of innovation-related resources to make the country a global pacesetter in major sci-tech areas and a pioneer in advanced interdisciplinary fields, and ensure that China will become a major world hub for science and innovation as soon as possible.

Global public goods

The implications of China's innovation-driven development extend beyond its borders.

Boasting the world's longest and most extensively used high-speed rail network, China has been helping multiple countries construct and upgrade their rail transit with its advanced railway technology.

World Bank Vice President for South Asia Martin Raiser said China's rail technology would bring urban development, tourism and regional economic growth.