Innovation the foundation of sustainable growth

Despite facing headwinds and witnessing its slowest growth in decades, the Chinese economy is still on the right track and moving towards sustainable growth in the long run, according to experts.

China was ranked the 25th most innovative economy, according to the Global Innovation Index report co-re-leased by the World Intellectual Property Organization, Cornell University and INSEAD in August.

China's research and development expenditure as a percentage of GDP ranks second in the world after that of the United States, the report shows.