Innovating in China 2024: Strategic Landscape for Multinationals

China’s rise as a global innovation power results from well-designed strategies that combine its engineering talent, strong policy support, and broad market reach. Multinational companies (MNCs) seeking growth in this dynamic landscape face unique challenges and strategic decisions. 

Based on findings from the 2024 Innovating in China benchmarking study by the Asia Growth Exchange initiative, this Insight addresses key questions related to innovation investment, structuring, and technology adoption in China, emphasizing why the country is crucial for forward-thinking MNCs.

The Significance of Innovating in China

China’s position in global innovation is grounded in its strong scientific and engineering capabilities, an R&D-friendly ecosystem, and strategic focus on future-defining industries. 

China is home to three top 10 and 12 of the top 50 science and technology city clusters ranked by the Global Innovation Index (GII). These cities form a growing cluster of innovation and R&D centers.