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The success of Xiaomi and DJI boils down to continually reinventing themselves. The search for new technology and new ideas has become a palpable tide in China as the era of cheap labor and fast exports is washed away.
Innovation was put in first place in China's plan for the next five years, a plan with the grand goal of doubling 2010 GDP and per capita income of both urban and rural residents.
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In 2014, venture capitalists pumped a record 100 billion yuan into startups. The figure for 2011 was 30 billion yuan, but there is still ample room for improvement.
Despite being the world's second biggest gross R&D spender behind the United States Air Jordan 5 Retro Womens For Sale , China still lags behind developed countries which normally spend 3 to 4 percent of their GDP on R&D. Last year, expenditure in research and development reached 1.3 trillion yuan, up 9.9 percent from 2014, and more than 2 percent of GDP, only the second straight year above the 2-percent mark.
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