China’s smaller firms to enable mass economic innovation

David Throsby, Sydney’s Macquarie University Professor of Economic Development, said that China’s industry innovation fits in very nicely with the idea of Premier Li Keqiang’s new ‘Double Engine Economy’.

In November 2014, Premier Li highlighted the ‘Double Engine Economy’ which includes the emerging and traditional industries to drive the country’s economic growth in the future.

As China’s economy enters a new era, Throsby said China can learn from the mistakes of the West to achieve a balance between the private and public sector to stimulate creativity, and therefore innovation.

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