This article talks about the spur of entrepreneurship in China in the wake of the 1980 Deng Xiaoping economic reforms. Government officials left their careers to pursue entrepreneurial ventures (often at the criticism of those who felt they should stay in the safety of their position) and many were largely successful and have since become industry leaders.
Today, China is 2nd in the world for “unicorns”, non-listed companies that value over $1Bn:
“A unique phenomenon is taking place in China today. While its political system is inherited from a top-down planned economy hierarchy, its leading entrepreneurial companies, especially the younger, more dynamic ones found in the Internet industry, adopt much of their mindset, culture and organizational principles from Silicon Valley. In fact, many are closer to Silicon Valley than they are to Beijing. For these companies, China’s political and economic structure is mixed with Silicon Valley culture, each influencing the other and creating something new. This osmosis is changing China in a way that we have not seen before and would lead China into a new era.”