I almost look at it everyday mate :D Most of my classmates are in China. And I still go back to visit my family like once a year.
There are attempts to innovate. But I think all the 996 and censorship and other policies to make the populace compliant is working against true innovation.
They can take an existing idea and execute with great efficiency. High speed trains, subways, electric vehicles. They are good at mixing ideas from both Western countries and Japan/Korea and other parts of the world. I like that part a lot. But original, novel ideas that will actually work? Not really. The culture there is not structured to promote/refine good ideas.