INNOVATIVE APPROACHES TO THE FORMATION OF AN ECONOMIC MECHANISM (THE EXAMPLE OF CHINA)

Abstract

The article reveals innovative approaches to the formation of an economic mechanism for developing China's intellectual potential. The article uses a mixed methodological approach based mainly on quantitative analysis of trends and comparative research. Descriptive statistics and data visualization (tables and figures) synthesize the results, allowing for a structured examination of changes in student numbers, key preferences, and funding models over a given period. Economic mechanisms of influence on the activities of business entities occupy preferential positions. Their role is undeniable both at the micro and macro levels. The object of our study is the Chinese higher education, which is developing rapidly on an innovative basis. Over the past decades, the Chinese higher education has successfully integrated into the international educational space, and Chinese universities have entered the list of the most prestigious universities in the world. Such successes have resulted from the adoption of economic programs for the development of education, especially higher education. Ambitious plans for economic growth and gaining leadership positions on the world stage are directly related to the education of the population. An innovative economy requires highly qualified employees, and providing this component is the primary task of higher education. To solve the problem, economic mechanisms are used that stimulate the development of higher education on an innovative basis. It is substantiated that the economic mechanism of influence on the intellectual level of personnel ensures the achievement of the set goals. It has been proven that China can strengthen its position as a technology-driven education leader by promoting equitable global exchanges and sustaining the momentum of scientific progress in an increasingly interdependent and adversarial international environment. The following recommendations are provided for the formation of an economic mechanism conducive to the creation of an environment for human resource development, based on the example of the Chinese model.