Substantial political controls over Chinese businesses may prove incompatible with a creative, innovative economy.

Whilst China is appreciating the benefits of free competition, the West seems to have forgotten them.

Currently, the world economy is at a critical juncture as new drivers of growth take the place of old ones. Chinese President Xi Jinping addressed the challenges of downward economic cycle lies in supply-side structural reforms. Obviously, the new growth cycle must be built upon a new structure - one that features the extensive application of S&T innovation results.

A recent McKinsey Global Institute report titled "The China Effect on Global Innovation" finds that China has the potential to evolve from an innovation sponge - absorbing and adapting global technologies and knowledge - to an innovation leader. As a matter of fact, China is far better at innovation than is generally known and, in some kinds of innovation, is already emerging as a global leader.