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Economy

Low-tech innovation moving up market share ladder

HONG KONG -- In Japan, the word innovation is usually translated as "gijutsu kakushin," an expression that implies technological novelty. However, in the rest of the world, the word is usually used in a broader sense, one conveying a new and original idea that brings about a change in society, because innovation is not limited to cutting-edge technology.  

Yoshimitsu Kobayashi, chairman of the Japan Association of Corporate Executives, or Keizai Doyukai, who recently visited China as head of a group of member companies on an inspection tour of Chinese companies, summed up the country's overall innovation capabilities.

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