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This gives Chinese entrepreneurs (as well as foreign businesses) more opportunities. Many of these people are driven by a strong desire to be successful. They can be fast on their feet and fluid in their actions. They often don't mind "giving things a try", observing the outcome and then adapting their approach to become better. They can be creative in their business models and innovative in their products or services. Of course, not all of them will be successful, and eventually only a small percentage will remain so. Nonetheless, a lot of these people are highly resilient. They bounce back even after multiple failures. TCL was cited as an example of failing in its European acquisitions. This is indeed true, but Li Dongsheng, its leader, has since learned the lessons the hard way and re-emerged as a much more prudent investor. Lei Jun, the founder of the now well-known Xiaomi, had started several businesses before launching the company. Even Jack Ma, now the high-profile and successful chairman of Alibaba, didn't have success in his first entrepreneurial attempts. As China evolves and continues to deregulate, Chinese entrepreneurs will become more experienced and their hit rate in driving more innovation will also improve. 

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China's innovative companies are not just the "new companies". Some of the most innovative are the "first-generation" companies formed as a result of Deng Xiaoping's call for economic reform. Haier, Gree, Midea, Lenovo, ZTE are some of the most innovative companies in this batch. Huawei, arguably the stand-out company, which was started in the late 1980s, is now the world's leading player in the telecoms equipment sector. Product innovation plays a big part in Huawei's success and over the years it continues to invest heavily in R&D. It has built a network of R&D centres not only in China but also in many other countries, and recently started to collaborate with Britain's Imperial College on big data research, signifying an open mind and a desire to push for continuous improvement. 

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China, similar to other markets, is not one where every company will be a success story, but there will definitely be some that will be. And the successful ones will serve to motivate more people to join the innovation race. The future of China belongs to Chinese entrepreneurs. They will lead China's innovations. Their impact will be felt not only within China but also increasingly in the rest of the world. 

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