Jack Ma fell to earth and took Ant's mega IPO with him
Colour me biased but how is innovation supposed to thrive in an environment where a "miscalculated talk" is enough to halt a $37b IPO? 
I had heard Matt Ridley speak about how [0]  innovation thrives  where there is "freedom" and gives me doubts about China's capabilities to innovate as much as it wants to.[0] https://www.aier.org/article/matt-ridley-on-innovation/