topjumper
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Personally, I feel Chinas growth is fascinating; however, attributing innovation to Chinese society is not apt. China has very less threshold for risk. A society that cannot take risk cannot be innovative. Moreover, people should remember that innovation and advancement in technology are different
About this risk thing I'm afraid you are over generalizing, as long as there is adequate risk/reward ratio people will take their chances, many private entrepreneurs in china are some of the most reckless guys I've met, this is not a trait of a one particular country, rather it is a trait of a country that practise free market capitalism.
Regarding innovation, it's hard to innovate when you are still playing catch-up, this is true not just for any one specific country.