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What we get wrong about China Global Public Square By Bhaskar Chakravorti, Special to CNN Editor’s note: Bhaskar Chakravorti is senior associate dean of International Business and Finance and founding executive director of the Institute for Business in the Global Context at The Fletcher School at Tufts University. The views expressed are the authors own. 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 Forums 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. Unfortunately, America has worked itself up over the wrong issues as far as “competitiveness” is concerned: we bemoan the fact that China has taken our jobs (and 42 percent of Americans believe that China is already the world’s largest economy, a Pew survey suggested). But those worried about the country’s future would be better served focusing on U.S. competitiveness in innovation, something that has the potential to put this country’s growth back on track. The problem is that there is a general (and misplaced) belief that China will always be a loser, that it can only imitate, not innovate. Critics argue that its society is too top-down and that American innovation will always be buoyed by Silicon Valley. More from CNN: U.S. needs an infrastructure bank But the reality is that it is na?ve to believe China cannot narrow the gap in innovation, and the s