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When gauged by market share, WeChat is certainly monopolising the Chinese market for social media.

Innovation is the key to success. Innovate or die. Innovation, not emulation. Phrases like these are repeated daily in boardrooms, news broadcasts and articles across the world. The importance of innovation in today¡¯s interconnected global economy is emphasised so strongly and widely that it has almost become an accepted truism. And, yet, it turns out that not everyone believes that they need to innovate to succeed ¨C or even to survive.

There is no doubt that China has made remarkable progress in becoming an innovation-driven economy. The Global Innovation Index 2016 ranked China 25th in the world and first among upper-middle income economies. In this respect, China is once again a role model for emerging economies on how to effectively formulate policies and allocate resources to achieve national goals. As Chinese companies strive to climb higher up the innovation ladder, they should think about engaging more deeply with India in order to leverage its huge talent pool, as their Western counterparts have done for a long time.