Weak intellectual property laws, long assailed by western companies, are also a self-inflicted handicap because they provide no rewards for innovation. Chinas international patent applications, though growing, are still less than 1 percent of the total filed in the US and Europe. And while start-up companies abound in China, they are poorly supported by its financial system. Its bigger banks favour lending to state-owned industries;venture capital is in its infancy, and the countrys immature equity market fails to offer the dependable exit route demanded by sophisticated early-stage investors.
That compels many company founders to rely on funds raised from relatives. Some management gurus believe Chinas model of family-based capitalism is a shaky foundation for enduring corporate structures. Japans Kenichi Ohmae says his successful Chinese friends care more about getting rich quickly than creating world-beating businesses.
Historians puzzle over why, for 500 years after inventing gunpowder, China invented so little else. No country, of course, is bound to repeat history, and China has shed centuries of insularity to embrace foreign investment, trade and technology. But whether its future is as a high-tech powerhouse in its own right or as the worlds biggest branch-plant economy remains an open question.
一、参考译文:
中国是否将成为高科技巨人
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