The Global Innovation Index 2014 (GII) was recently co-published by Cornell University, INSEAD, and the World Intellectual Property Organization (WIPO). The top 10 in the 2014 GII edition are Switzerland, the UK, Sweden, Finland, the Netherlands, the US, Singapore, Denmark, Luxembourg, and Hong Kong. All of these economies are in the high income group.

China, an upper-middle income country, stood 29th among the 143 economies surveyed this year. According to the report, China is improving significantly and a continuance of such progress could place it within the top 25 in a few years' time.

The GII is a composite indicator derived from the simple average of the input sub-index and the output-index. The input sub-index captures five factors of an economy that enable innovative activities, comprising: institutions, human capital and research, infrastructure, market sophistication, and business sophistication, whereas the output sub-index reflects the innovation outputs in terms of knowledge and technology outputs, and creative outputs.

It is also noteworthy that the GII framework is reviewed and updated every year, and the variables in the index are subject to modification from year to year to incorporate latest available sources for improved measurement of national innovation.