By Christina Kitova, associate partner Hodges Media, based in Oklahoma City, OK. USA

The Chinese have enjoyed a long history of supporting innovations, since they have made notable developments in paper-making and gunpowder. Without China's contributions, we would not have guns or compasses today.  

The mechanical clock was invented by Yi Xing from the Tang Dynasty. Su Song, an astronomer and mechanist of the Song Dynasty, created a clock that serves as a direct ancestor to our modern-era clocks. The Chinese had also invented a method for harvesting silk, and developing the porcelain industry.

The first compass had originated from the Song Dynasty, utilizing geometric principles of Feng Shui. The first rocket was launched in China during the Song dynasty and the first known use of a rocket as a weapon had occurred in 1232.

China remains an innovator on the world stage. Beijing has made large investments into research and development (R&D), accounting numerous graduates within the scientific and engineering fields, while providing for the largest number of new start-ups in the world.

China's R&D field stands on track to make it a global hub, while offering attractive low costs and fast deployment of products into the market place.  

The combination of a large market, combined with low costs, efficiency, flexibility and high outputs, as well as ambitious partnerships with a supportive government make it very attractive, and offering a quick turnaround of commercial applications by combining products with precision and cost effectiveness.

The most powerful international corporate entities see the potential for large profit margins and have gravitated toward China by moving their operations within its borders and employing high-skilled Chinese graduates to fill key positions abroad.

Of all Bachelor degrees awarded in China, 49% are STEM-related (science, technology, engineering and math), with over 5 million scientists in the country. China retains the highest number of graduates at a doctoral level as well, and draws its powerful investment resources from private capital and government.

There is a large pool of venture capital coming from China that have helped boost start-ups in the last five years; as opposed to earlier times when western capital investments had played the most crucial role.

China has evolved into a self-perpetuating economy, and no longer just an export-driven nation.

The Smart Cities Program, which was created by automating the cities and making them more efficient, is expected to be completed in less than a decade. The space program initiative would boost the Chinese economy, and its partnerships with the new "Baikonur," which is getting built in Russia's Siberian region.

China's clinical research and trials fields have become more attractive, with western pharmaceutical companies expanding their business interests in the country.

Chinese companies are getting more active, expanding their global operations and acquisitions.

They also recruit employees from all over the world, while deploying their existing personnel abroad. China stands at the forefront as a cutting edge innovator in the hardware and software fields.

Their foreign exchange reserves are estimated to be in the trillions of U.S. dollars, which allow Chinese companies to pursue more major acquisitions with American-based multinationals.

China is forging ahead in the global defense sector, especially with rocket propulsion, astrophysics and cyber technologies.

The top patent owners in China are the telecommunications companies ZTE and Huawei. For any country, overall patent statistics are a proxy indicator of its innovation culture. The quality and business potential of inventions are on the rise.

Chinese President XI Jinping understands the necessity for more innovations, since he was trained as a chemist and later obtained a law degree to understand how governments can make good strategic investments and policies that benefit domestic growth, which would place China at the forefront as a market trend-setter.

Experts are forecasting that innovations will likely add $US3 trillion to the overall Chinese economy in the next decade.

Christina Kitova, associate partner Hodges Media, based in Oklahoma City, OK. USA

( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )

Panview offers an alternative angle on China and the rest of the world through the analyses and opinions of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.