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China’s future growth depends on innovation entrepreneurs

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  • Weiying Zhang

Abstract

The last 30 years of high growth rates were primarily China’s latecomer advantage unleashed by reform and opening. This latecomer advantage provided entrepreneurs with tremendous opportunities for arbitrage. It is the arbitrage activities of entrepreneurs (both Chinese and foreign) that caused a gradual increase in the efficiency of resource allocation, and thus drove high rates of economic growth. However, as the gap between China and developed countries has decreased, the room for arbitrage is shrinking. Solely relying on arbitrage entrepreneurs will no longer sustain high rates of economic growth. Future growth primarily relies on entrepreneurial innovation. Innovation is more institutionally demanding and sensitive. China must deepen reforms of the economic system, political system, legal system, and other aspects to eliminate the systems and policies that obstruct innovation.

Suggested Citation

  • Weiying Zhang, 2017. "China’s future growth depends on innovation entrepreneurs," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 15(1), pages 19-40, January.
    • Handle: RePEc:taf:jocebs:v:15:y:2017:i:1:p:19-40
    DOI: 10.1080/14765284.2017.1287540
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    Cited by:

    1. Murach, Michael & Wagner, Helmut, 2017. "How severe will the growth slowdown in China caused by the structural change be? – An evaluation based on experiences from Japan and South Korea," CEAMeS Discussion Paper Series 8/2017, University of Hagen, Center for East Asia Macro-economic Studies (CEAMeS).
    2. Michael Murach & Helmut Wagner, 2017. "How severe will the growth slowdown in China caused by the structural change be? An evaluation based on experiences from Japan and South Korea," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 15(3), pages 269-287, July.
    3. Hongjun Guan & Zhen Zhang & Aiwu Zhao & Jinyuan Jia & Shuang Guan, 2019. "Research on Innovation Behavior and Performance of New Generation Entrepreneur Based on Grounded Theory," Sustainability, MDPI, vol. 11(10), pages 1-19, May.

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