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"Efforts to bridge the innovation divide have to start with helping emerging economies understand their innovation strengths and weaknesses and create appropriate policies and metrics," said Soumitra Dutta, Dean of SC Johnson College of Business at Cornell University, a joint releaser of the GII. "This has been the GII's purpose for more than ten years now."

"Due to external uncertainties such as the impact of COVID-19 pandemic and rising protectionism, the fragile supply chain of raw materials and the unstable supply channels have become even more vulnerable," said Li Xinchuang, Party chief of China Metallurgical Industry Planning and Research Institute.

"Faced with these challenges, we keep our positive expectation on the Chinese economy. It is able to avoid serious capital market fluctuations, based on its huge household savings and sufficient exchange rate reserves," said Jing Ulrich, managing director and vice-chairman of Asia-Pacific, JPMorgan Chase.

"Deliveries such as this to South Africa, a high-end market on the continent, demonstrate the appeal and value of XCMG's equipment," said Liu Jiansen, general manager of XCMG Import and Export Company.

"Domestic demand from companies such as Huawei Technologies Co has increased, and a number of foreign companies have set up their factories in China to cater to domestic demand instead of exporting overseas," Zhou said.