China ranks 12th in the 2021 edition of the Global Innovation Index (GII) report released by the World Intellectual Property Right Organization (WIPO), moving up
22 spots from 2012, said Wang Gang, the head of China’s Science and Technology Ministry.

It marks China has entered the rankings of innovative countries in the world, Wang Gang said.

Investment into research and development across society has grown from 1,030 billion yuan (about $154.8 billion) in 2012 to 2,790 billion yuan in 2021, Wang said.

High-tech enterprises in China have increased from 49,000 over a decade ago to 330,000 in 2021, while research and development investment accounts for 70 percent total investment among Chinese firms, Ecns.cn reported.

In addition, high-tech enterprises account for more than 90 percent of companies listed on the Beijing Stock Exchange and Sci-Tech Innovation Board of Shanghai Stock Exchange, Wang said.