Modern aspects of the innovative development of China

In the global world, one of the main aspects affecting the economic development of a country is innovation, which contributes to sustainable growth, increase in employment, and improvement in living standards. At this stage of development, China has shown significant growth in research and development, which allowed it to enter the top twenty countries in terms of innovation activity in 2018, according to the Global Innovation Index. In terms of expenditures on the development of innovation, the country ranked second after the United States, having increased the number of patent applications in the field of telecommunications and electronics and reduced them in engineering and oil production at that. Huawei has a significant impact on the innovative development of China, being the leader among ICT patent applicants. China is developing new markets for information products and services, investing in these industries in other countries, for example, in South Africa, by creating a partnership network between research institutes. The weak side of China is the smallest number of graduates in the field of innovative technologies in comparison with other countries. At the same time, a strong point is participation in the grouping of BRICS countries, which makes it possible to expand ICT opportunities, increase research and development costs, in its turn contributes to the growth in exports of high-tech products. The rapid development of new technologies in China has led to an imbalance in the distribution of financial resources in the field of R & D and the need to strengthen state support for small and medium-sized enterprises. In this regard, to solve this problem, it is advisable for the government to create targeted innovation funds for small and medium-sized enterprises, as well as a system of information support to promote their innovation activities. In addition, a system of technology transfer of the BRICS countries should be developed, which will contribute to the development of international innovation cooperation, the development and production of joint technologies and the exchange of scientific and technical knowledge.