China Closes In On Top 10 In Global Innovation Ranking
VC Funding Jumps 84%
China is knocking on the door of the world’s top 10 most innovative economies, helped by sustained investment.
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With growing cases and deaths reported just as the country was preparing to ease some of its most restrictive COVID-19 measures, China takes new control steps amid low booster vaccine uptake and moves to halt the online sale of a repurposed domestic antiviral.
After inking major deals with AbbVie and AstraZeneca, China-US company Harbour BioMed recently shifted strategy, divesting its site in Suzhou to WuXi in a bid to be “more focused, efficient and nimble” and emerge stronger post-pandemic, says founder, chairman and CEO Jingsong Wang in an exclusive interview.
A meeting between the heads of the world's two largest economies potentially opens the door for health cooperation, a rare positive sign amid worsening economic decoupling, accelerating diversification away from China and the need for multinationals to modify localization strategy.