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Tag Archive 'Innovation Economy'

By Vivek Wadhwa, Wednesday, November 16, 3:48 AM

The top talent in countries around the world have a new suitor: the Chinese government.

China has a severe shortage of skilled talent and, in a policy reversal, has decided to open its doors to talent from around the world. This could mean that the brilliant NASA scientists the U.S. laid off, could find new employment — and a new home — in Shanghai or Beijing.

Chinese research labs have long had difficulty recruiting qualified workers to perform necessary research and development, and its corporations struggle to find competent managers. The situation will likely get worse as China’s high-tech industries grow and it increases its national R&D spending from the present 1.62 percent of GDP, according to the Chinese government, to the planned 2.5 percent by 2020. China’s President Hu Jintao, in May 2010, declared talent development a national priority in order to fill the void. The goal is to dramatically increase the education level of China’s workforce and to build an innovation economy.

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