China has no need to steal foreign technology

With patents, R&D and innovation on the rise, China is fast becoming a producer of tech that is sought after by others.

In a recent CNBC interview, former US treasury secretary Larry Summers rejected the notion that China relied on theft and unfair means to advance its growing lead in various technological fields.

"You ask me where China's technological progress is coming from. It's coming from terrific entrepreneurs who are getting the benefit of huge government investments in basic science. It's coming from an educational system that's privileging excellence, concentrating on science and technology," he said. "That's where their leadership is coming from, not from taking a stake in some US company."

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A version of this article appeared in the print edition of The Straits Times on July 14, 2018, with the headline 'China has no need to steal foreign technology'. Print Edition | Subscribe