As industries become more knowledge-based and more firms turn to open and user-led innovation models to keep a step ahead of disruptive innovators, governments will have to think more carefully about what, if anything, they can do to keep their economies competitive.

ECONOMIST: We are all innovators now

And as China shifts from a manufacturing to knowledge-based economy, expect it to invest in "knowledge based" sectors like insurance, finance and hi-tech software firms.

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