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Patrick Zachmann photographed 20-year-olds and their grandparents in Yunnan and Sichuan in 20. But in the past five years, as an “innovation cold war” has taken shape between world powers, China has achieved a kind of parity with the United States-and the driving force behind its success may not be its innovators at all. We tend to focus on people and companies that generate big new ideas-charismatic heroes with dash, daring, and dynamic thinking. Something clearly propelled those Chinese companies to the top, but the metrics we use to evaluate innovation have missed it. Those are startling numbers for a country that in 2020 ranked only 14th on the Global Innovation Index.
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But just two years later eight of the 10 companies that had reached a $1 billion valuation in the shortest time ever were Chinese-and six of those eight were founded the year that article was published. The authors’ arguments were sound and well supported at the time. Warren McFarlan, an article that captured the conventional wisdom. In March 2014 this magazine published “ Why China Can’t Innovate,” by Regina M. In recent years, they note, the West has steadily produced an abundance of innovations and innovators, while China has produced relatively few. It will have to rely on innovation instead.īut can China innovate? Can it compete at a global level with developed nations that have built their economies on innovation for decades? Many observers are doubtful. With its pool of younger workers shrinking, China can no longer rely on imitation if it hopes to grow and support its aging population. According to its National Bureau of Statistics, China will have 81 million fewer working-age people in 2030 than in 2015 after 2030 that population is projected to decline by an average of 7.6 million annually. It worked-but it also created a new demographic reality: China today doesn’t have enough people in its rising Millennial and Gen Z workforce to replenish the ranks of its disappearing Baby Boomers. China’s Baby Boomers are being replaced by its Millennials, born under the country’s one-child policy, which was officially launched in 1979 and designed to get birth rates below replacement level. Fittingly, China earned a reputation as a global copycat. The effort enabled a country that missed the Industrial Revolution to absorb the world’s most modern manufacturing advances in just a decade or two. Relying on a seemingly limitless supply of cheap labor, provided by the hundreds of millions of ambitious workers born during the postwar baby boom, China devoted itself prodigiously to the production of other countries’ innovations.
THE FUTURE TREND OF CHINESE CONJI DRIVER
Instead the driver has in large part been what might be called brute-force imitation. Innovation didn’t drive the manufacturing miracle that has unfolded in China over the past half century, during which some 700 million people have been raised-or lifted themselves-out of desperate poverty.
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The future of the Chinese economy lies in innovation, and everyone in China knows it.