China enters process of innovative economy exploration
ANBOUND
According to the senior levels of some think tanks, as China is entering the process of innovative economy exploration, the uncertainty has greatly increased and local competition mechanisms should continue to be recognized and encouraged. During the era of rapid growth in the past 40 years, the Chinese economy has largely relied on local competition mechanisms. Each locality as a competitive entity has experimented its own development methods; once such methods are successful, they will be promoted to the entire country. The most successful example is the Guangdong model of "vacating the cage to change the bird", referring to moving of the old factories out of the downtown area and inviting modern service industries to move in; such mechanism requires local leaders to have entrepreneurial spirit.