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1、Acceleration Through LocalizationInnovation Report 2024PREFACEThis report,published by the German Chamber of Commerce in China in cooperation with BearingPoint China,was made possible thanks to 324 member companies of the German Chamber of Commerce in China surveyed between February and March 2024.T

2、he innovation report and included survey is a vital instrument for measuring the status quo development,quantifying the challenges and opportunities of innovation activities for German companies in China,and qualifying them.It is the fourth survey by the German Chamber of Commerce in China addressin

3、g the topic of innovation and the second China-wide report,incorporating extensive market research and case studies from member com-panies of the German Chamber of Commerce in China.The report is representative for the German business community in China and provides in-depth insights into Chinas Inn

4、ovation Ecosystem and its key players.It compares internal and external financing opportuni-ties for innovation and ofers practical recommenda-tions for German companies looking to enhance their innovation strategies for China.The survey was conducted in the spring of 2024 and,therefore,afer the rel

5、ease of the Federal Republic of Germanys“China Strategy”and in the middle of the sluggish recovery of the Chinese economy.Both will undoubtedly afect companies innovation strategies,which are not reflected in the report in greater detail.We understand further that our members are continu-ously conce

6、rned about geopolitical risk and growing de-globalization trends and are reacting by further localizing research and development and adapting critical technologies to the market in China.As the report shows,increasing cost-aware customers demand faster solutions,which are ofen met by dou-bling down