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Chinese firms have come to dominate many manufacturing industries in the global marketplace. The Chinese leadership, however, has recognized the critical need for Chinese firms to be more innovative in order to break out of the low value-added segments of the value chain that they occupy in most of these industries, or risk being caught in the “middle-income trap”. The recent emphasis on “innovation” and “creative industries” is actually part of a long-term, continued effort to catch-up.
This presentation traces this effort and accomplishments, and then proposes that culture represents the greatest challenge for Chinese firms to move beyond their current fundamental strategy based on imitation, cost innovation and price-based competition. I will also introduce Tsinghua’s x-lab, a world-leading university-based platform that is nurturing and enabling a new breed of entrepreneurs and ventures.
