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China's Development Path: Government, Business, and Globalization in an Innovating Economy

Author

Listed:
  • Yin Li

    (Fudan University)

  • William Lazonick

    (The Academic-Industry Research Network)

Abstract

We employ the "social conditions of innovative enterprise" framework to analyze the key determinants of China's development path from the economic reforms of 1978 to the present. First, we focus on how government investments in human capabilities and physical infrastructure provided foundational support for the emergence of Chinese enterprises capable of technological learning. Second, we delve into the main modes by which Chinese firms engaged in technological learning from abroad -joint ventures with foreign multinationals, global value chains, and experienced high-tech returnees - that have contributed to industrial development in China. Third, we provide evidence on achievements in indigenous innovation - by which we mean improvements in national productive capabilities that build on learning from abroad and enable the innovating firms to engage in global competition - in the computer, automobile, communication - technology, and semiconductor - fabrication industries. Finally, we sketch out the implications of our approach for current debates on the role of innovation in China's development path as it continues to unfold.

Suggested Citation

  • Yin Li & William Lazonick, 2022. "China's Development Path: Government, Business, and Globalization in an Innovating Economy," Working Papers Series inetwp190, Institute for New Economic Thinking.
    • Handle: RePEc:thk:wpaper:inetwp190
    DOI: 10.36687/inetwp190
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    File URL: https://doi.org/10.36687/inetwp190
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    More about this item

    Keywords

    China; investment; infrastructure; knowledge; indigenous innovation; globalization; development.;
    All these keywords.

    JEL classification:

    • D2 - Microeconomics - - Production and Organizations
    • F2 - International Economics - - International Factor Movements and International Business
    • F6 - International Economics - - Economic Impacts of Globalization
    • H1 - Public Economics - - Structure and Scope of Government
    • H4 - Public Economics - - Publicly Provided Goods
    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • H7 - Public Economics - - State and Local Government; Intergovernmental Relations
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • L5 - Industrial Organization - - Regulation and Industrial Policy
    • L6 - Industrial Organization - - Industry Studies: Manufacturing
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies
    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies

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