In this year's Government Work Report, Premier Li Keqiang has repeatedly stressed the importance of innovation.

So, is there a proven approach to developing innovative capacity in an open economy? Elements of innovation strategy are measured and compared yearly by the Global Innovation Index, the self-declared "leading reference" for innovation indices. A collaborative effort by Cornell University, INSEAD and the UN's World Intellectual Property Organization, the GII takes a broad view of innovation, measuring seven analytical pillars covering capabilities (inputs) and results (outputs).

The 2014 edition of the GII, the seventh in the series, validates Premier Li's strategy by assessing, among others, innovation capacity through institutional conditions, infrastructure and market sophistication. At 29, China is the highest ranked upper-middle-income country. Indeed, this is a remarkable achievement considering the historical headstart enjoyed by many Western countries. The accompanying GII report emphasizes that China has outperformed other BRICS countries in the rankings, and predicts a continued rise. The report cites China's university and research system development as factors for its rise.