Chapter 1: Entrepreneurship of Innovative High-tech Development in China: Two Case Studies
Huijiong Wang, Shantong Li and Yan Hong INTRODUCTION China has enjoyed a uniquely high average annual economic growth rate of around 10 per cent since the late 1970s, when it launched its reform and opened to the outside world. In 2010 both China’s GDP and manufacturing of value-added goods ranked second in the world. China’s transition from a former centrally planned economy to a socialist market economy has paved the way for accelerated economic growth and technological innovation. On the high-tech front, China has achieved several milestones through import, technology transfer and integration, innovation, and entrepreneurship. This chapter focuses on the characteristics of entrepreneurship in China’s high-tech sector and presents two case studies to demonstrate the unique features of the role of the Chinese government. We hope these two case studies can stimulate deep and broad thought on an integrated global economy with different economic systems and provide experiences useful for developing countries developing their own technologies. The first case features the Lenovo group, a multinational corporation (MNC) ranked 1330 in Forbes’ ‘Global 2000’ in its May 2011 issue. This case study shows how entrepreneurship – that of Mr Liu Chunzhi, Founder and Chairman of the board of directors of the Lenovo group – innovation, and government support helped a little company, with initial seed money of only 200 000 RMB from the China Computing Technology Research Institute, to become a powerful MNC. More specifically this case study will provide a whole story of the growth of the Lenovo group, especially the...
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