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China Needs a Better Innovation Ecosystem

China’s leaders have so far struggled to build the innovation ecosystem the country needs, including a liquid and transparent public and private funding mechanism. In the context of the great-power competition with the United States, this amounts to a massive disadvantage.

HONG KONG – The United States has long dominated much of the knowledge economy, not least owing to an innovation environment that has proved highly attractive to foreign talent. But China has been watching carefully, adapting crucial lessons from the US to the local context. And its efforts are bearing fruit.