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China's media recommends S. Korean model for innovation

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(Globalpost/GlobalPost)

BEIJING, Sept. 5 (Yonhap) -- China needs to follow the path taken by South Korea as it seeks to innovate its economic value chain in the global workshop for manufacturing, China's state media said Thursday.

South Korea this year ranked fifth among the Group of 20 major economies in national competitiveness in an annual survey conducted by the Chinese Academy of Social Sciences (CASS), the China Daily reported. Asia's largest economy ranked eighth in the survey.

Last year, South Korea was No. 7 in the CASS survey, according to the report.

"Chinese people should consider how South Korea was able to make leaps in technological development in just a few years?" Chen Dongsheng, senior economist at the CASS, said in the news report.

South Korea scored high in the proportion of research and development expenditure to gross domestic product and the amount of corporate research and development expenditure, the report also said.

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http://www.globalpost.com/dispatch/news/yonhap-news-agency/130905/chinas-media-recommends-s-korean-model-innovation