| China is not Russian style system where oligarchs close to leader step in and steal your stuff if you get rich. China resembles (British) monarchy of the old. There are laws, but they are not same for the common man and to the noble (60 million members of the communist party). If you steer away from the politics, you can be entrepreneur and become rich. Corruption exists of course, but that's like taxation. You pay your taxes and bribes. Bribing can sometimes allow more freedoms than completely lawful society, because it allows more. China has basically the same bioethical laws as the west, but they are not enforced because party does not care. China became the first country to approve the commercial production of a gene therapy. |
A few years ago, at an economics talk out of Harvard, the speaker suggested there were advantages for innovation in China-style vs US-style corruption. One was that when legislative bribes are mostly paid by large incumbent companies, instead of being more broadly sourced, there's more systematic use of regulatory capture to reduce competition and replace innovation with rent seeking. Caveats: it was a side comment, and it wasn't clear to me the topic was fully within their research focus.
Similar issues exist around patents. I recently heard a billion-ish hardware tech CEO describe a large defensive patent portfolio as "table stakes" for playing. Though I wonder if they meant "buy in".