The Role of FDI in China's Innovation Story

China's innovation story is not the same as the typical East Asian export model. FDI has an outsized importance because China was not a US ally, right? So many companies which were willing to establish some base in China did get some benefit of technology transferred through FDI. The other element of this was also brain circulation, where a lot of people from China went to the US and then returned and they went on to start companies. Like I said, like high tech areas at that point of time were not as securitized.