German firms eye innovation

German manufacturing companies in China will shift from product to business model innovation in the next three years to sustain growth in the country, a new survey said.

Innovation in all its forms will, however, continue to be the key driver for business activities in China with Chinese companies leading the way, according to the Innovation Survey of the Greater Shanghai Region that was released on Wednesday.

For German companies, innovation was ranked among the top three priorities as it was necessary to meet customer needs, to differentiate from competitors, and to attract new customers.