China Rising: Competition: But Can China Innovate?

So far, China's economic miracle has come on familiar terrain: low wages and a charge up the manufacturing food chain, resulting in surging exports and rising incomes. But to meet the growing expectations of the Chinese people, the government will need to move from an economy that makes goods more cheaply for the rest of the world to one that makes goods the world hasn't even thought of.

Jing Cheng, 42, is at the cusp of that effort. Like an increasing number of other Chinese scientists and engineers, the CEO of CapitalBio Corp. has returned from the U.S., where he...

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