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For its part, China's government is evidently supportive of Chinese businesses developing a capacity to produce indigenous innovations. It no doubt recognizes that such innovations are all the more valuable when innovation remains weak in the West, where growth in total factor productivity has continued its long slowdown.In recent years, China's government has introduced initiatives aimed at increasing both entrepreneurship and innovation. It has shortened dramatically the process for forming a new company. It recently facilitated the entry of foreign experts to work on new projects in the business sector.Individuals should be freed up to start new companies, and existing companies should be freed up to enter new industries.The West seems to have forgotten this. Since the '30s, most Western governments have seen it as their duty to protect established enterprises from competition, even when it comes from new firms offering new adaptations or innovations. Ending protection of incumbents from new entrants possessing ideas for new adaptions and innovations is a good place to start.
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