Revamping Research Funding in Europe

China’s growth as an economic superpower has been based in a large part on its increasing ability to design and manufacture sophisticated, hi-tech goods. But, until recently, it was far from a superpower when it came to creating new knowledge and cutting-edge academic research. Luc Laeven of the ECB and CEPR and his co-authors recently published an analysis of the research output in top journals from Chinese academics over the last two decades, and the results are startling: in many areas of science, China is now clearly the world leader. Luc talks to Tim Phillips about how China’s plan was created, why the quality as well as the quantity of research should make us take notice, and whether research establishments in Europe and the US can learn from China’s single-minded pursuit of success.