Report on Creativity, Innovation and Economic Growth in China

This report provides an in-depth analysis of the significance of creativity and innovation for China's economic development. It defines creativity and innovation, highlighting their role in generating new ideas, products, and services. The report emphasizes the importance of investing in creativity and innovation to create job opportunities and improve economic conditions. It explores various benefits, such as increased productivity, reduced costs, and enhanced competitiveness, while also addressing the challenges associated with such investments, including financial risks and resistance to change. The report suggests ways to facilitate creativity and innovation in China, such as promoting new technologies, encouraging young people to pursue innovative opportunities, and fostering international collaborations. Overall, the report concludes that creativity and innovation are crucial for China's continued growth and prosperity.

Entrepreneurship and
innovation

EXECUTIVE SUMMARY
This report described the concept of creativity and innovation along with its importance
for a country or nation. The study determined that Creativity is the ability to evolve or generate
ideas and Innovations are the products, ideas, processes and services that are perceived as being
unique and new & have been developed, created and implemented. In addition to this, the report
stated creativity and innovation can be helpful for China in generating job opportunities as well
as improving economic conditions of the country. Furthermore, it can be concluded from this
examination that there are many benefits of innovations such as Improved productivity, Reduced
costs Increased competitiveness, New relationships and partnerships etc. The report also defines
that there are many challenges faced by a country while brining creativity and innovation such as
risk of investment, resistance among people and lack of financial resources.

TABLE OF CONTENTS
EXECUTIVE SUMMARY ............................................................................................................2
INTRODUCTION...........................................................................................................................1
1. IMPORTANCE OF INVESTING IN CREATIVITY AND INNOVATION ............................1
2. FACILITATING THE CREATIVITY AND INNOVATION....................................................1
3. BENEFITS OF INVESTING ON BOOSTING THE CREATIVITY AND INNOVATION ....2
4. CHALLENGES FACED BY THE COUNTRY WHILE INVESTING IN CREATIVITY
AND INNOVATION.......................................................................................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Creativity and innovation are different major factors responsible for the growth &
development of an individual, community, organisation or country. It refers to developing new
and unique ways to perform different activities or tasks (Bhagavatula, Mudambi and Murmann,
2017). In order to obtain effective improvements, it is important to have creative and innovative
thinking or abilities. The present report will determine importance of creativity and innovation
for an economy or society in China. It is will also describe the ways in which the chosen country
can facilitate creativity and innovation along with benefits it may get on boosting these
approaches. In addition to this various challenges related to investing in creativity & innovation
will also be determined in the following report.
1. IMPORTANCE OF INVESTING IN CREATIVITY AND INNOVATION
The major factors of economic performance and growth in a global economy can be
referred as Creative and innovative thinking or implementation in a country. These two elements
are responsible for bringing new products and technologies that assist in addressing global issues
or challenges. It also helps in developing new methods of producing products and delivering
services boosting the productivity of a business. In addition to this, creativity and innovation
supports creation of job opportunities and assist in improving quality of life for people living in a
society or nation. Country such as China can achieve a high level of growth and development by
investing in creativity & innovation, as introduction of new technologies and working methods
will lead to increased productivity of various industries resulting in high amount of profitability
(Kraus, Ribeiro-Soriano, & Schüssler, 2018). The economy of China will get a boost due to
profit generating industries, more job opportunities will be available leading towards growth of
per capital income of the country. It also affects society and its citizens positively for example,
living standards of individuals gets benefited and it contributes in assuring the well-being of
people . Therefore, it is very significant for country like China to focus on making investment in
creativity and innovation.
2. FACILITATING THE CREATIVITY AND INNOVATION
Facilitating innovation and creativity in a country is a critical task as it requires huge
amount of investment and involves high risk. It is very important for a nation like China to
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ensure that its decisions related to implementation of creative and unique practices are not much
harmful for its economy or citizens (Innovation management, 2016). In order to make sure the
positive adoption of innovation the government needs to make effective research on current
economic or financial condition of a country. Creativity is stated as the ability to develop or
generate ideas, it is a subset of innovation which refers to the process of generating ideas. On the
other hand Innovations are defines more deeply as the products, ideas, processes and services
that are perceived as being unique and new & have been developed, created and commercialised.
In order to facilitate creative and innovative thinking China should focus on promoting new
technologies and encourage young people to take interest in latest job opportunities. Eliminating
use of traditional methods in various industries can also help in development of innovation
within the country. Building relationships with developed counties such as America, United
Kingdom, Australia may also assist in growth of the country (Blundel, 2018). China may also
encourage globalisation, export and import practices to develop healthy relations with other
countries. It can assist in generating new ideas which are already used by developed nations,
Government should focus on promoting new educational programs for students such as a project
base learning and entrepreneurship courses which can help young individuals to improve their
thinking abilities and create innovative skills. This can lead to generation of highly creative and
skilled employees within different industry and contribute in the growth & development of
economy of the country.
3. BENEFITS OF INVESTING ON BOOSTING THE CREATIVITY AND
INNOVATION
Innovation can present numerous benefits. It is one of the critical abilities or skills for
obtaining success in any business. Innovation can assist in solving issues, generating earnings,
enhance market share and defeat competitors. There are many benefits or significance of
investing in boosting the creativity and innovation as discussed below - Improved productivity – Innovation in technologies has a great impact on productivity of
each and every industry within a country. China is a leading manufacturer of electronic
products. Investing in new technology to improve production function may lead to
increased level of productivity resulting in the growth of economy (Denzin and Giardina,
2018).
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 Reduced costs – The another major benefit of investing in creativity and innovation is
reduced cost of operation in various areas and industries within a country. China can
effectively reduce cost of production with the use of new machineries or technologies
eliminating the need of recruiting huge number of workers or labours. Increased competitiveness – In order to compete with other countries in global economy
innovation can be very helpful and effective. China can boost development in various
industries within the country leading towards improvement in economic conditions. It can
be very effective in gaining a good position in global economy of the world (Ratten, &
Ferreira, 2017).
 New relationships and partnerships – This is also a major benefit China can obtain by
investing within creative and innovative practices. The country can develop good
relations or partnerships using innovative ideas for development of unique technologies
or methods of production. Making healthy relationships with developed can be very
beneficial for the growth of China and its citizens.
4. CHALLENGES FACED BY THE COUNTRY WHILE INVESTING IN
CREATIVITY AND INNOVATION
There are various challenges which arises while investing in innovation, these are then
barriers that may affect growth and development of economy and society of country like China.
In order to promote creativity within the country, it is very important to invest a huge amount of
capital on advancement or implementation of new technologies in each and every type of
industries requires a large amount of funds. Economy of China is still developing, therefore
there is a risk factor in making a big investment. It is very challenging for organisations to invest
in new technologies as there is no assurance that this investment will lead to success. It is not
possible to predict that whether a company will gain return on investment as the business
environment or market conditions are highly fluctuating. Another potential challenge is coping
with the growth and development of new competitors in marketplace (Eckhardt, Ciuchta, &
Carpenter, 2018). There are various countries which are adopting innovative and unique
technologies in various industries within their economy. This is increasing the level of
competition within global economy. Although China is creating a special method to fill gap in
innovation by collaborating with United states. It is focusing on matching level of developed
countries such as US, UK etc. in terms of technology and innovative techniques in different
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industries contributing to the growth of economy or country. It is important that people or society
accept innovation so that new techniques and methods can be designed, developed and
implemented successfully for the growth of China. Therefore, government should focus on
promoting creativity among citizens in the country so that they do not resist innovation (Garcia,
Leles, & Romano, 2017).
CONCLUSION
The above report concluded that creativity and innovation can be very useful for the
growth and development of a country like China. There are various benefits related to innovation
helpful for improving economic position of a country as discussed in this report. The report
determined various challenges which can be faced by chosen country while investing in
creativity and innovation. Furthermore, this study also identified the ways to facilitate innovation
within the nation along with its importance for society and economy.
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REFERENCES
Books and Journals
Bhagavatula, S., Mudambi, R., & Murmann, J. P. (2017). Management and organization review
special issue ‘The innovation and entrepreneurship ecosystem in India’.Management and
Organization Review, 13(1), 209-212.
Blundel, R. K. (2018). Book review of Nicolopoulou et al.(eds)(2016) Sustainable
Entrepreneurship and Social Innovation.The International Journal of Entrepreneurship
and Innovation,19(1), 69-70.
Denzin, N. K., & Giardina, M. D. (2018). Introduction. InQualitative Inquiry in the Public
Sphere (pp. 9-22). Routledge.
Ratten, V., & Ferreira, J. (2017). Entrepreneurship, innovation and sport policy: implications for
future research.
Eckhardt, J. T., Ciuchta, M. P., & Carpenter, M. (2018). Open innovation, information, and
entrepreneurship within platform ecosystems. Strategic Entrepreneurship Journal, 12(3),
369-391.
Garcia, D. H., Leles, A. D., & Romano, R. R. (2017). Program Entrepreneurship and Innovation:
Education as the Core of Innovation. In Advances in The Human Side of Service
Engineering (pp. 235-244). Springer, Cham.
Online
Innovation management. (2016.) [Online]. Available
through:<http://www.innovationmanagement.se/imtool-articles/15-foundations-for-facilitating-
creativity-in-the-workplace/>.
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