Why China Will Rival the U.S. in High Tech
Critics who say bureaucracy and rote education stifle innovation are missing the biggest factor in the mainland’s favor: its huge market.
China’s turned into a huge market for smartphones and much else.
Photographer: Nicolas Asfouri/AFP/Getty ImagesThose who think China can’t catch up in innovation tend to base their arguments on abstractions: A rigid education system stifles creativity, they say, while heavy-handed industrial policies such as the “Made in China 2025” program encourage waste and inefficiency.
Those skeptics are ignoring a far more concrete and relevant factor, however: the growing size and sophistication of China’s domestic market. The Chinese economy has expanded threefold since 2008, and tenfold since 2000. That makes it highly likely that China will develop leading technology companies. And it is nearly enough on its own to guarantee that China will join the ranks of technologically advanced countries.