China Ranks 12th in Global Innovation Index 2023
The 2023 edition of the Global Innovation Index (GII) was released by the World Intellectual Property Organization (WIPO) on 27 September 2023. As noted by the GII, this year's results reflect the performances of the major economies against a background of slow economic recovery from the COVID-19 pandemic, high interest rates, and geopolitical conflict.
According to the report, the world's top five most innovative economies in 2023 are: 1. Switzerland (1st in 2022); 2. Sweden (3rd); 3. the United States (2nd); 4. the United Kingdom (4th); and 5. Singapore (7th). China ranks 12th this year (11th in 2022), and is the only middle-income economy in the GII top 30. Besides China, Indonesia (61st), Türkiye (39th), India (40th), Vietnam (46th), the Philippines (56th), and Iran (62nd) are also economies in the middle-income group that have climbed the GII rankings fastest in the past 10 years.
Furthermore, the GII points to an increasingly uncertain outlook for the venture capital that helps transform human ingenuity into new products and services, with the global value of venture capital investments declining sharply by close to 40% in 2022 (albeit from unusually high levels in 2021) and high interest rates likely to continue to impact the financing of innovation.
Launched in 2007, the GII is published annually to provide performance measures and rankings of economies on their innovation ecosystems. The 2023 GII uses 80 indicators to track global innovation trends in 130-plus economies.
