China has joined the top 10 in the United Nations' Global Innovation Index for the first time, overtaking Germany as firms in Beijing ramp up research and development spending, reported Reuters.

The annual survey ranks 139 economies using 78 indicators. Switzerland retained the top spot, followed by Sweden and the United States. China placed tenth in the 2025 index.

The report noted China is closing the gap in private sector R&D financing and is on course to become the world's largest R&D spender.

However, global innovation faces headwinds. The survey forecast R&D growth to slow to 2.3 per cent this year, down from 2.9 per cent in 2024 - the weakest pace since the 2010 post-crisis recovery.