Why China Can’t Innovate
By Christopher Balding
7/9/2024 Updated: 7/9/2024
Commentary
China has grown rapidly to become one of the largest economies in the world. It has produced cutting-edge technology and leads the world in AI patent filings. However, none of this answers the simple question of whether the Chinese economy can innovate.
Given the hype over Chinese products, from cars to solar panels, it may seem obvious to ask whether the Chinese economy can innovate. In reality, the answer is not so simple.
An economy that innovates becomes more productive and efficient. In the language of economists, this is called the growth in total factor productivity. Put another way, can we produce more with less? Technology and capital allow us to become more productive by extending our capabilities.
It may seem obvious that the Chinese economy innovates, but we must distinguish between whether individual firms or sectors innovate and whether the economy innovates. Even deeply flawed economies like the old Soviet Union or North Korea can produce innovative products. That does not mean, however, that they can produce an innovative economy.
In reality, the Chinese economy has been suffering from years of low innovation. Even Chinese economists have publicly worried about low factor productivity. The growth that most people marvel at comes primarily not from increased innovation, efficiency, or a higher-skilled workforce but from capital in the form of higher debt levels.
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READ MORE: https://www.theepochtimes.com/opinion/why-china-cant-innovate-5677387?ea_src=frontpage&ea_med=opinion-6
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