Abstract
Even though China and the CEE economies are defined by different geographical location, history, size or economy character, it seems that they are similar in terms of trying to initiate measures to stimulate economic growth. China together with India and the CEE belonged to the fastest growing regions in the world prior to the global financial crisis. Although economic growth in the CEE region lagged China's incredible growth in the past decade, its results were impressive in comparison with other regions. Yet currently, many CEE countries experience sluggish growth after the financial crisis began. China's economic slowdown during 2015, combined with the near-panic in its stock markets, reflecst the planned transformation of its economy from agriculture and heavy-industry into one focused on higher-value added products and services. But China's situation also raises questions about its underlying economic health, as there is obviously a strong need for reforms that would facilitate this transformation. Both the CEE countries and China now ask what strategies to implement in rebuilding their economies, creating new jobs and re-initiating economic growth. Such questions are obviously posed in different contexts, as China and the CEE countries face quite complex economic situations that cannot be comparable in all aspects. Also, innovation as a universal solution has to be perceived in its broader definition within various industries, not only the stereotypical linkage with high-tech industries. This research paper evaluates some of the elements important for both entities. The analytical criteria are based on available literature on innovation-oriented solutions. The final set of criteria includes: (1) Governance, (2) Education, (3) Research and development, (4) Infrastructure, and (5) Urbanization . Are there any areas where China and CEE can share any lessons learned, or alternatively, define a weak approach?