China joins world's 25 most innovative economies

The United Nations' intellectual property organization says China has joined the world's top 25 most innovative economies for the first time.

The finding is part of an annual report — the Global Innovation Index — jointly sponsored by the World Intellectual Property Organization (WIPO), Cornell University, and INSEAD, a leading international graduate business school.

Francis Gurry, director general of WIPO, says China has made innovation a key part of its economic strategy and its capacity for innovation has improved greatly.

The report released Monday found that Switzerland, Sweden, the United Kingdom, the United States, Finland and Singapore were the top five most innovative economies in the world.