Chinese and US S&T Innovation Policies and Their Effects on Economic Growth Potentials

Chen Baoming and Ding Minglei
Chinese Academy of Science and Technology for Development (CASTED)

Abstract: Since the eruption of the recent global financial crisis, major countries have been pushing forward structural reforms with science and technology (S&T) innovation
at the heart. Since taking office, US President Donald Trump has adopted an “America First” strategy but has yet to specifY a clear S&T innovation policy. However, Trumps current policies have already affected S&T innovation and his planned budget cuts will impact US growth potentials. Compared with the US, China is steadily implementing its innovation-driven development strategy with significant improvement in S&T innovation that increasingly supports economic growth. To spur future economic growth, China should steadfastly follow its S&T innovation strategy, promote the utilization of S&T innovation results, boost its economic growth potentials and make the most of global innovation resources.

Keywords: S&T innovation, economic growth, structural reforms JEL classification: E65; P52
DOl: 1 0.19602/j .chinaeconomist.20 17.04.02

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