Full coverage: G20 Hangzhou Summit

Innovation is among the biggest topics that will be discussed during the upcoming G20 summit in Hangzhou. China's Fujian Normal University issued a report that showed G20 countries' innovation power.

According to the report, America was first, Great Britain second and Japan third in the national innovation competitiveness rankings. China was ninth and is the only developing country that was listed in the top ten.

Looking regionally, China ranked 3rd in Asia behind Japan and South Korea, and was first among the five BRICS countries. Analysts say that was due to China's upgrade from an economy based on exports and manufacturing to one based on innovation and science.

To help achieve the transition, the government as well as the private sector has invested substantial amounts of money in research and development. The report says China ranked 7th in terms of innovation investment.

The executive chief editor of the innovative, competitiveness and economic reports says they aim to help the summit participants discover how to harness their advantages for technological innovation.

"After the global financial crisis in 2008, most of the countries have started to place their hopes of economic recovery on technological innovation.

"So what we are doing right now is to help the 20 economies find out the advantages and weakness of their technological innovation development, help them solve those problems, and consolidate their current achievements in the area.

"Besides, the G20 summit has been shifting its focus to investment, open trade and green finance. So we are also providing analysis on the development outlook in these areas," said Huang Maoxing, professor, Fujian Normal University.