China must focus on innovation for economic success

WHO/TDR

China's economic success depends on it distinguishing itself from the West by adopting a new strategy supporting innovation, argues Joseph Stiglitz in this article in Today's Zaman.

Unable to maintain its former export-led growth rates, China is looking to develop its domestic markets and must foster technological innovation.

But Stiglitz says the Chinese government should resist Western pressure to adopt unbalanced intellectual property laws, which he argues would stifle innovation by restricting knowledge flow. The Western system is based on privatisation and monopolisation of knowledge — approaches that run against China's needs.

China does not face a shortage of labour. So it should concentrate on developing technologies that use fewer resources and have fewer adverse environmental impacts.