China exuberates when private sector exuberates. It is equally naive on both the West (like your comment) and the CCP side to think that being supported by the government and government-sponsored industrial espionage is / was the why of China's economic miracle.
In the past 3 decades, it was repeatedly shown in China that government subsidies was only useful to a extent and created incredible amount of waste. The state-owned enterprises never hired or supported the most vibrant part of the community (middle classes in urban areas).
The success of companies in China, like in the rest of the world, can be attributed to the wits and lucks of their founders.
TBH, that is why the future of China looks grim to me. The current leadership seems unable to properly recognize the contribution of the private sector.
OTOH, people in the West looked at China, and imagined all the private enterprises are secretly owned by the government and the government picked winners / losers. That was simply not the winning formula in the past 30 years.
I can have a longer essay to establish this with data and examples, but it is too late. Probably save it for another day.
In the past 3 decades, it was repeatedly shown in China that government subsidies was only useful to a extent and created incredible amount of waste. The state-owned enterprises never hired or supported the most vibrant part of the community (middle classes in urban areas).
The success of companies in China, like in the rest of the world, can be attributed to the wits and lucks of their founders.
TBH, that is why the future of China looks grim to me. The current leadership seems unable to properly recognize the contribution of the private sector.
OTOH, people in the West looked at China, and imagined all the private enterprises are secretly owned by the government and the government picked winners / losers. That was simply not the winning formula in the past 30 years.
I can have a longer essay to establish this with data and examples, but it is too late. Probably save it for another day.