China's Innovation Problem

The China of today is basically a factory for the world. The Country has sustained growth rates of around 10% per year by producing tons of consumer goods. The problem is that all of these goods are designed in other countries, and thats where most of the profits go. The CCP has created a phrase "zizhu chuangxin" to describe their push towards innovation. But many of the state projects are very "top-down" which, to me, seems to be an outdated model. What can China do to encourage real innovation from the bottom up? Image: Patents by country Source: WIPO (World International Property Organization)

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