Chinese innovative growth good for world

The Central Committee of the Communist Party of China and the State Council, China's cabinet, jointly issued an important document recently encouraging people to overcome all institutional and psychological barriers to accelerate innovation-driven development, coupled with appropriate institutional and legal framework by 2020.

These changes mean free movement of talents, capital, technologies and knowledge, expediting the protection of intellectual property rights, and opening up industries to market competition and enhancing anti-monopoly enforcement to support small and medium-sized enterprises.

Sooner than even informed observers expect, China's will change from being the "world's factory" to the "world's hub of innovation". And the consequences will be global.