IMO, the difference between East and West is money allocation. In west, especially in the US, there are a lot money in the private sector, they will take the risk and fund moonshot projects; in China, the state will (have to) play that role. Yes, 90% of the projects will fail in the portfolio, that's part of the game.

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iknowSFR 6 hours ago | parent [-]

There’s a NYT’s interview several months back where the journalist phrased it as in America, you have to prove success first to get funded. But in China, funding comes first and the successful companies emerge.

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adventured 6 hours ago | parent | next [-]

Which isn't at all accurate. Venture capital specifically exists to fund first, in the pursuit of success later - and the US has been by a dramatic margin the leader in doing that for the past ~60-70 years.

	▲	iknowSFR 3 hours ago \| parent \| next [-]
		VC still requires startups to find themselves and prove something first. China basically has a program to do X and anyone can sign up to be a part of that program. All are funded and the winners emerge. I’m broadly generalizing that process but that’s not how VC approaches it.
	▲	mensetmanusman 4 hours ago \| parent \| prev [-]
		China has this process at the city state level. They can leverage their pegged currency to keep their citizen’s purchasing power lower than it should be to fund anything. A downside is that their consumption economy is low, all their geo neighbors view them as a threat (reducing exports long term), and this contributes to high unemployment as productivity increases.

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CalRobert 3 hours ago | parent | prev [-]

That sounds more like Europe than America.