We now know who will be leading the two most important nations for the global economy – for the next four years in the United States’ case, and for a decade in China’s. By the time President Obama is ready to leave office, China will have passed the U.S. in GDP terms, at least according to a report by the OECD. But with GDP no longer Chinese leaders’ top concern, the country has its sights set on catching up with the U.S. in another area – innovation. On a recent to visit to speak at the World Economic Forum's Summer Davos in Tianjin, I was struck by the sense of urgency among Chinese leaders to close the gap when it comes to innovation. It was clear to me that it is time for the U.S. to pay close attention, because urgency in China is generally followed by execution.