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Telstra Ventures: 掘金中国领先的科技和应用

2019-03-27 15:45:03 作者:
“这只是一个开始。我相信Telstra Ventures在中国会有更多的长期投入并带来高增长的机会。”Telstra Ventures合伙人卜君全如是说。

CVC在近年已成为风投领域重要的现象级趋势。如英特尔设立的独立投资部门—英特尔投资,谷歌、腾讯的CVC规模早已超越一般意义上的投资管理公司。 Telstra Ventures大中华区合伙人卜君全在中国做投资已有20年之久, 2015年加盟Telstra Ventures前曾在英特尔投资工作过九年,再早之前他则在全球风投之圣地——美国硅谷专事风险投资,这位风投圈中资深大咖对CVC的差异化有更深刻的理解“CVC母公司运营的实践认知,对被投公司是非常有价值的。若是运用得当,这些经验和资源可以成为撬动企业有效规模扩张的杠杆,提升被投公司成功的可能性。这正是CVC与其它VC的不同之处。” 2018年,在Telstra的持续支持与全球知名投资机构HarbourVest的鼎立推动下,Telstra Ventures募集了一只新风投基金,专注于美国、中国和澳大利亚的风险投资机会。 HarbourVest对新基金的投资,证实了Telstra Ventures的实力。Telstra Ventures将其原有资源纳入新基金,未来依然聚焦于技术和创新投资。 从Telstra 独立出的Telstra Ventures的目标很清晰:投资并全力支持那些试图改变世界的“聪明或疯狂”的创业者,同时也一再强调,投资初创企业需要严谨与耐心——这只基金设定了严格的筛选法则,并且有很强的商业逻辑论证其所做的投资决策。 目前,其投资版图覆盖北美、亚洲和大洋洲,在旧金山、悉尼、墨尔本、北京、上海等地设有业务分支。借助智能搜索技术,Telstra Ventures每年搜寻10万多家公司并从中选出约1000家公司进行考察,作为项目领投方或跟投方,与全球100多家知名风险投资公司一起合作。 Telstra Ventures拥有一个专注于战略协同的全球团队,该团队通过有效的发掘商业资源战略协同效应,将被投项目和其有限合伙人——澳洲电信自身以及其业务衍生而成的庞大的商业网络对接,迅速提升客户群体和业务体量,大大缩短了被投企业业务拓展或者全球化战略部署的进程。 许式伟——Telstra Ventures已投资的领先云服务企业“七牛云”的共同创始人,也是云技术大牛——如是评价和Telstra Ventures的合作:七牛希望借助于Telstra Ventures的投资,利用Telstra已建立的云和网络基础设施以及其庞大的业务网络资源,让七牛的创新技术服务为Telstra在中国和亚太地区的客户提供服务。 目前这支战略协同团队已为被投公司带来了超过一亿七千万美元的收入。周晓芳是Telstra Ventures总部负责中国区域战略协同,她出身于工科在科技行业有着丰富的信息商业化阅历和经验。 深耕中国 布局企业科技 对于闯荡中国市场的风投来说,2018年是残酷和艰难的一年。过去几个月,被反复提及的几个话题包括:移动互联网红利结束、创业黄金时代告终,以及已被高举但尚未达成共识的产业互联网。 业内激辩的背后是一个尴尬的现实——受人口红利减弱、智能手机饱和、消费端高价值流量枯竭等因素的制约,中国消费级互联网狂飙突进的时代已经基本结束,未来消费端指数级的增长机会将更倚重用户质量而非数量。 从互联网时代到移动互联,步入游戏下半场的投资机构们对产业互联网定义各异,但“+技术”、到企业端寻求效率提升已渐成共识。 过去企业级市场面临着销售成本高、销售周期长、决策流程复杂等困境,其成长要远远落后于消费端。随着互联网基础设施的完善,移动设备的普及,宽带网络的便利,给产业互联奠定了坚实基础,属于中国的企业科技机遇正在展现。 无论在中国,还是澳洲、欧美,中小企业需求加速,这使得企业级服务和软件正处于加速迭代和快速渗透的过程中。 尽管企业科技成为投资下半场的重点,但目前中国本土风投机构中,开始布局并尝试介入的不足一成。有分析认为,较之于互联网时代的投资 ,企业科技项目投资能否胜出,不仅需要资金,更看重能够整合的行业资源。 作为布局企业科技的少数先行者之一,Telstra Ventures无疑拥有明显的优势。多个硅谷的被投案例已经成功上市,且上市后表现抢眼,被国内创业者与投资人们所追捧,例如屡屡被国内电子签名云平台对标的Docusign等。此外,其有限合伙人澳洲电信公司本身是一个信息技术产品和服务的提供方和运营方,正在积极推动数字化转型。对于信息技术产品和服务对其本身系统和其客户所带来的效益,有着深刻的理解。这家电信巨头的合作伙伴中,有许多澳洲和亚洲的新兴技术公司、知名的跨国企业、政府单位和中小企业。 Telstra Venture的合伙人卜君全相信,这些资源可以成为新兴的企业科技公司增长的催化剂,夯实他们的业务厚度。通过与Telstra的合作共赢,Telstra Ventures拥有一个强大的IT采购客户网络,可以帮助被投的中国公司获取更全面和及时的全球市场信息,以及可以对接的市场资源。 早在风投都蜂拥而至争夺中国消费者市场的几年前,卜君全就准确地看到了下一个风口:“消费者应用仍然是创业者和风险投资关注的对象,但是,有一个领域显然没有得到足够重视,那就是高效的企业服务和软件来支持广大的消费者市场。尤其在人工智慧的加持下,其应用价值会更快提升。” 战略成长的投资者和企业价值的加速者,这是Telstra Ventures对自己的定位。其投资秘诀中,收入、资本和人,是助其投资成功的三大法宝。 凭借国际化的品牌和运营优势,Telstra Ventures还为许多被投公司引入了优质的投资人,为高增长企业带来多轮融资及可靠的资本。 科技领域投资与一般消费领域和互联网领域投资不同的是,成功的投资者要有非常深的专业背景。对企业科技解决方案有着深刻理解,同时拥有积累多年的强大投资组合,为中国风险投资市场带来了独特的专业知识,而这正是中国充满活力的风投市场中所亟需的短板。 众所周知,Telstra过去在中国消费者互联网的投资曾有过丰厚的回报,加之全球化体系下愈加清晰的企业科技逐渐消费者化的趋势,Telstra Ventures仍会对消费互联网保持持续的投入和关注。 本土化突围 Telstra已经进入中国市场近三十年,耕耘亚太地区六十多年,这是Telstra Ventures获取中国合作伙伴信任的一个巨大优势。 尽管如此,海外背景的风投在中国创业公司中成功投资和建立合作伙伴关系并不容易。中国市场流动性强,竞争激烈,需要克服许多阻碍。 Telstra Ventures近年来在中国的成功投资案例可圈可点。上文提及的中国云计算服务领域——云服务公司七牛云即为其中一个案例,这是上海一家以视觉智能和数据智能为核心的企业级云计算服务商, Telstra Ventures 于2016年初参与了这家云服务新秀的融资。1年半后,阿里集团、云锋基金领投发起新一轮十亿元的融资。 此外,2016年,Telstra Ventures还投资了北京的通讯技术公司容联云通讯。该公司在领头风险投资机构红杉资本和Telstra Ventures的支持下,持续在中国线上通讯服务领域站有领先的地位。 “这只是一个开始。我相信Telstra Ventures在中国会有更多的长期投入并带来高增长的机会。”Telstra Ventures合伙人卜君全如是说。 从硅谷到中国大陆,从英特尔投资到Telstra Ventures,卜君全在中国风投市场已经走过20个年头。悉数这些年,他经历了莽荒时期的早期互联网,也经历了互联网后创业时代,但他依然为中国创业者们今天如此强烈的信念和惊人的执行力所震撼。 “我们成功的关键,是从一开始就对双方的市场方向有一致的认可。我们都投入必要的时间与耐心去落实运营结构、消除摩擦并将组织合作效率提升。我们讨论现实的业绩期望,并确保双方之间的有效沟通。我们认为,这是一个深度的合伙关系。” 卜君全说。 七牛云、优必选、大猩猩科技、容联云通讯、 C88 、AlgoBlu、Hypereal、Monks Hill…… Telstra Ventures近年来在中国和亚洲的一连串投资项目,可以印证的一个事实是:一家具有前瞻性的风投,也一定是本土化、懂中国市场的风投。 卜君全从这些案例中总结说,投资需要耐心,颠覆传统思维的企业值得更长的耐心,尤其是那些未来可能定义行业的企业。 20年前他刚开始从事风险投资方面的工作时,他的导师给了他一些建议。多年后回顾自己的职业生涯,他认为当年那些建议中,最重要的一条是:“不要试图赚到这世界上所有的钱,因为这是不可能的。相反,你应该专注于找到一个好的想法并去支持一个伟大的团队。如果他们成功了,那么你也就成功了。” 20年后的今天,卜君全带领的Telstra Ventures中国团队,正是按照这样的逻辑,为那些具有潜质的中国被投企业披荆斩棘。

04月08日上海金交所Au(T+D)价格284.20

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    尖峰对话

    罗奇坦言:“历史上美国曾有很长一段时间对自身以及其他国家缺乏正确的认识,这是我们的问题所在,政客一贯的做法就是将责任归咎于他人。”事实上,美国贸易赤字高,是因为储蓄率低,这是很简单的经济学原理。
    *本次访谈由华尔街见闻与当代经济学基金会共同发起,由见闻特约记者李勤习采访完成。

    续上篇:《尖峰对话 | 斯蒂芬·罗奇:中国人未来养老,不能指望房子,也不能指望孩子》

    近年来,全球的不确定性似乎都是从两个巨人的相互掣肘中衍生。

    斯蒂芬·罗奇时常撰文批评美国业界对中国的理解出现偏差:“目前中国正面临巨大的挑战,舆论的矛头转向了中国。我必须站出来发言,对中国目前在科技、创新、双边贸易等领域的境况给予公正的评价。”

    他曾任职于摩根士丹利,被誉为是华尔街最具影响力的首席经济学家,也是公认“最懂中国”的美国学者,但这次,美国的同业和媒体却认为他在帮中国说话,罗奇意识到了这个局面——人们害怕自己不能理解的东西,但又只愿意听到自己想听的解释。偏见即由此而生。

    罗奇和我们谈到了他对中国经济的理解与展望:中国是一个生机勃勃的新兴经济体,但前行的道路上,还有很多巨石需要一一攻破。

    在上篇中,罗奇已经给出了他的方案:鼓励生育,延迟退休,抓紧完善全民社保。而在本期节目里,我们继续邀请罗奇谈谈中国所处的外部环境,以及是什么把中国推上了风口浪尖,又是什么让中国成为了一枝独秀。

    在明显的分歧和差异中,了解对方正在发生什么非常重要,但更重要的是,清楚地了解自己正在发生什么。

    这是我们需要他山之石的原因。

    指责他人能解决问题吗? 见闻特约记者李勤习:您曾经提到,贸易不平衡并非造成中美两国出现分歧的根源,这实际上是两个不同体制之间的冲突,两国之间存在着相互依赖的经济关系。您认为对于不同体制的国家来说,是否有可能摆脱这种关系?如果有,应该怎样做?

    You’ve said, trade imbalance isn't really what divides the two sides, it is more of a clash between two systems, but China and America are locked in a codependent economic relationship. Is it possible that the two countries getting rid of dependence of each other? If that, what will happen?

    罗奇:解决方案肯定是有的。我在之前的观点中把贸易不平衡误认为是一个“问题”,事实上它不是问题,而是一种症状,是美国人缺乏储蓄的一种表现。美国的居民储蓄率是历史上主要经济体中最低的。如果想在没有储蓄的情况下发展经济,就必须通过引进国外盈余储蓄来填补经常账户和多边贸易的逆差。这是很简单的经济学原理。

    I think there is definitely solution. The point I made on trade imbalance were really misusing this large bilateral trade imbalance as a problem. That is a symptom, it’s not a problem. It is a symptom of American’s lacking of saving. When you don’t save, we have the lowest domestic saving rate than major economies in history as a leading economy. If you want to grow without saving, you have to import surplus savings from abroad run current account and multilateral trade deficit to attract the capital. That’s simple economics.

    我认为,贸易不平衡实际上反映出不同国家在知识产权、技术转让和网络安全方面的斗争,这些是更深层次的问题。我查阅了美国在加征关税时提出的所有证据,得出的结论是,美国并没有充分的证据支持加征关税,美国民众对此也表示不满。重点是,这已经变成了一场政治较量,政治家并不在乎证据是否充分。因此,如果互相指责问题出在对方身上,那么我们永远无法解决问题。

    I think the trade imbalance is actually a battle between two systems over intellectual property rights, technology transfer, and cyber security. Those are the deeper issues. So I have looked at all on the evidence that US presented in its initiating tariffs. And my conclusion is people really unhappy with me in US in saying this is that we don’t have good evidence to support this. The point is this becomes the political battle and the politicians don’t care the evidence is strong or weak, which is too bad. So we will never be able to solve this if China says we are right and you are wrong or US says we are right and you are wrong. That’s just not the way to solve this.

    我们需要做四件事来真正化解冲突:

    第一,我个人认为,美国对中国提出的强制技术转让指控是不对的。但我说什么并不重要,这需要双方的妥协。根据修订后的《外国投资风险审查现代化法案》,美国外资投资委员会最近加强了对外国收购美国公司的监管。因此,双方都必须要做出让步,改变现状。

    I think there are four things we need to do that will ultimately address the conflict which becomes worse and worse by the day:

    Firstly, I personally think the charges that have been raised on forced technology transfer by US against China are wrong. But it doesn’t matter what I say. It requires compromise. Recently the US has tightened up oversight on foreign acquisition of the US companies under the revised CFIUS Legislation which was passed last summer. We have to back down and change that. So both sides have to give, more briefly.

    第二,为了应对储蓄失衡,美国必须坚持解决预算赤字,增加储蓄。中国则必须坚持减少储蓄盈余,以维持社会经济的稳定。储蓄调整是解决贸易失衡的关键。贸易问题十分空泛,这实际上是一个储蓄问题。所以,解决问题的办法就是调整储蓄。

    Secondly, both the US and China need to do a significant macro adjustments to deal with saving imbalance of the US who have to command to building its saving, largely through addressing budget deficits. In china we have to commit to reducing the surplus savings to build up social safety net. The saving adjustments are key to eliminating trade imbalances. I told you earlier the trade issue is a phoney issue. Because it’s a reflection of our savings problem. So what’s taking that off the table, by saving more.

    第三点是网络。我们要放眼未来,要带头推动达成全球网络安全协议,是全球,而非双边。当网络税收标准降低时,就有了一个明确的争端解决机制,就像我们在世贸组织里一样。我们应该围绕现有的多边机制,建立全球网络安全协议规范。

    Point three is cyber. We need to take the lead, and promoting a global cyber security accord. Global, not bilateral. When you have matrics to reduce cyber tax, clear goes, and you set up a dispute and resolution mechanism, like we have in the WTO. We should model global cyber security accord around the lines of existing multilateral global institution.


    (配图:Facebook首席执行官扎克伯格现身布鲁塞尔就用户数据泄露丑闻接受欧洲议会的质询,民众竖扎克伯格人形纸板表示抗议)

    第四点是建立有效和稳定的对话。从小布什总统的现代体制开始,我们每两年举行一次战略经济对话。之后在奥巴马时期,我们改为每年举行一次战略经济对话。接着是特朗普时期,每年举行一次称为“全面经济对话”的会议。它们的共同点是,领导人们只是一年聚一两次,在佛罗里达、北京、布宜诺斯艾利斯举行晚宴,然后各回各国。这不是解决问题的办法。所以我的建议是需要成立一个常设机构,称之为秘书处,办公室可以设在一个熟悉的地方,例如伦敦。双方就共同的政策问题展开研究和联合对话,更像是一种永久性机制。这就是我对于双边投资协定、储蓄、网络和双边对话的一些拙见。

    My 4th point is the dialogue between the US and China. We start it out in the modern system with President George W Bush, setting up the strategic economic dialogue in every twice year. And then the President Obama, we changed it, the strategic and economic dialogue only met once a year. And then President Trump, we have one meeting and he changed the name as that comprehensive economic dialogue. What are the strategic dialogue, and strategic and economic dialogue, and comprehensive economic dialogue? They don’t work. Because the leaders just come together one or twice a year and then they go home. We have dinner parties in Florida, in BJ, in Buenos Aires. That is just not the way to do it. So my 4th suggestion is we need a permanent organization, I called the secretary, where you have a permanent step in the US and China. The offices are set up in a mutual territory, who knows where, London, usually a place of that. They work continually on joint policy issues, sponsor joint research, and joint dialogues. It is more of a permanent arrangement. So that’s my point, bilateral investment treaty, savings, cyber, and dialogue.

    见闻特约记者李勤习:您如何看待特朗普政府的表现?

    How do you think about Trump Administration’s performance?

    罗奇:目前中国正面临巨大的挑战,因为世界舆论的矛头转向了中国。我必须站出来发言,对中国目前在科技、创新、双边贸易等领域的境况给予公正的评价。舆论意识一旦确定便很难改变,很多西方国家,尤其是美国,都认为中国对美国构成了威胁。历史上美国曾有很长一段时间对自身以及其他国家缺乏正确的认识,这是我们的问题所在,政客一贯的做法就是将责任归咎于他人。再来看美国都发生了些什么?制造行业的就业岗位在减少,贸易逆差始终无法避免。

    The risk right now is that the world opinion has really shifted dramatically against to China. It’s very clear to me that I should stand up a lot, and try to provide what I think is the balanced assessment of China’s position, in areas we’ve talked about today, like technology, innovation, bilateral trade, and trade tensions. You know it’s not working. People don’t want to listen. Their mind has made up. People have made of their minds in the west, especially in the US, that China is trying to do damage to the US. We have a long history of not being able to really understand China and many other countries and ourselves. We have problems. The politicians, this is not just in the US, but the US takes it further than others. We have problems that we blame others. That’s what politicians do. So you look at the US, what’s happening in the US? Manufacturing jobs go down. We have a bit trade deficit.

    创业创新是中国破解中等收入陷阱的武器 华尔街见闻特约记者:您在所著的《失衡:中美间的相互依赖》一书中从中国和美国两个角度分别研究了中国经济增长奇迹背后的主要驱动力,让人印象深刻。可以请您具体介绍一下这种动力吗?

    Now 2018 marks the 40th anniversary of China’s reform and opening up. In your book, I actually read your book. In your book “imbalanced, the codependence of America and China”, which is a fantastic book, you studied the main drivers of this growth miracle of china from both China and America perspective, which is very impressive, would you please give us some detailed introduction of those drivers?

    罗奇: 20世纪70年代后期,中国经济情况令人堪忧,我也在书中提到过,中国为了实现这10%的惊人经济增速所付出的代价。

    Really in the late 1970s was a bad shape and I write my book about what it took to grow its spectacular nearly 10% rate over 40 years.

    过去40年里,中国相当不易,领导人和人民都为推行经济改革而倾注了非常大的勇气。我非常欣赏当时中国最高领导人——特别是邓小平——对此作出的巨大贡献,此外,许多部门和政策制定者根据出口和投资、基础设施建设、国内制造业产能投资等方式实现了经济发展战略,他们也在改革开放中发挥了举足轻重的作用。

    The last 40 years is not easy for China, it took a lot of courage by leaders and by the people to transform the economy. I gave enormous credit to the senior leaderships, especially to Mr Deng Xiaoping but to many of the ministers and policy makers were parts of conceiving the strategy based on a large part of exports and investments, infrastructures, investment in manufacturing capacity.


    经过深思熟虑后,中国决定在2001年初加入世界贸易组织,这意味着中国势必承担巨大的风险,需要与美国和WTO中的其他成员国达成关于改革的一系列重大共识后才能融入全球贸易,但中国是幸运的,并且信念坚定,这推动中国走上了如今全球贸易领导者的地位。当时,正值贸易占全球GDP份额不断快速攀升之时,因此,这一系列因素的组合,与一点点幸运,造就了中国经济增长的奇迹。

    China was particularly thoughtful and took great risk in committing itself in the WTO accession in early 2001 and there were number of critical reforms required to come to terms with the United States and other members of WTO and the world is just at the time that global trade was taking off and so China was fortunate as well as determined strategic to push ahead into a who’s now a leader of global trade. It is just a time when global trade as share of the world GDP was accelerating very sharply. So it was a powerful combination and fortunate combination of events create this growth miracle.

    改革开放确实是中国历史上一个重要非凡的里程碑,是改革开放使中国得以在这么短的时间内实现了巨大的发展,但重要的不仅仅是庆祝已有的成绩,更不能忽略下一个40年可能遇到的发展难题。

    The anniversary of 40 year’s reform and opening up is really an important and extraordinary development in the history of China. It’s an extraordinary testament that all occurred in a very very short period of time. However, it is important not just to celebrate what is happened without paying great attention to how difficult it was going to be in the next 40 years.

    见闻特约记者李勤习:在上期的尖峰对话中,Spence教授曾提到,大部分的经济理论都建立在成熟及完善的市场经济研究与发展之上,目前的理论体系中还缺乏一个处于转型期的均衡模型。您认为是否可以利用中国四十年来的发展轨迹,建立适用于发展中经济体的理论?

    There is no good transition model yet as Prof. Spence mentioned in our recent interview. China has experienced more than 40 years, rapid economic development, accumulated plenty of data. Do you think these kind of data can be applied or used by well-trained economists to develop some inspiring new economic theory on the concept of "development” economy ?

    罗奇:发展中经济体在从低收入经济体转向中等收入经济体的过程中,出现了我们称之为中等收入陷阱的阶段。这也正是摆在中国面前的一大难题。那么该如何通过经济转型来避开这一陷阱?有很多不同的理论,这其中我最为关注的是,如何实现从学习借鉴到自主创新的转变。亚洲的发展曲线不断上升,很明显,推动生产力发展的始终是创新升级。但当你是一个经济发展相对落后的国家,你首先会积极引进或模仿发达国家的技术。发展经济学家多年来一直在研究这个问题,中等收入国家进一步发展的关键就是过渡到本土的开发和创新,而不仅仅是依赖进口技术。有很多令人鼓舞的迹象表明,中国正在引领创新。

    When the developing economy moves from low income into middle income zone and we call this as middle income trap. This is a big issue for China right now. What it takes to make transitions to avoid the trap? There are a lot of different theories. The one which I focus on most is one of shifting from imported to indigenous innovation. Asia moving up the development curve, clearly it is always upgrade the innovation to drive productivity. But you are a poor country, you move aggressively to import or even imitate technologies that exist by the more advanced economy. Development economists have been studying this for years. But add that middle income’s zone, what is absolutely critical is to make the transition to developing innovation internally or indigenous to the system rather than just importing or imitating that which is existing elsewhere. The innovation debate is very important for China there are a lot of encouraging signs that China is moving ahead in innovation.


    但我们知道,在创新这件事情上,也有很多来自美国等发达国家的阻力。我很看好中国的创新之举,中国在这方面也经历了很多艰辛,取得了很大的进步,为创新驱动体系奠定了基础。目前在中国,为支持创业而募集的风险资本仅次于美国。整个中国现在都弥漫着创业的文化,据我所知,中国有160多家独角兽企业,这远远超过了美国。

    But there are also you know a lot of push back from the more advanced economies like the United States over the innovation issue. I am very positive about what china has done and the innovation story is very complex. China’s made great progress I think and laying out the foundations of innovation’s driven system. The venture capital which is raised to establish new business is second only now to the US and the start-up culture has been striving in China by the last count I’ve seen your country has over 160 unicorns which are the privately held companies worth more than 1 billion. So that’s more than we have in the US right now.

    中国正在效仿美国硅谷,努力寻找一种能够推动创新文化的新模式。要真正建立起创新文化,只有基础设施是远远不够的,这只是一种必要条件,而不是充分条件。而中国恰恰是在电子商务、金融科技、人工智能及DNA序列等多个领域取得了巨大的进步,成功地利用创新文化构建了更多基础设施。这些都是创新的实际应用。现在中国的关注点正从基础设施方面的创新向着更深的创新文化转变。如果中国在这一点上能够取得成功,我相信会有很大的机会来避免落入中等收入陷阱。

    So what China has done is look very carefully at a model that is very powerful in driving innovation culture In US’s Silicon Valley, it has moved to establish a similar type of efforts in China. But you need more than infrastructure to really build the innovation culture. It is necessary but not a sufficient condition. So, China’s moving ahead spectacularly on several areas to bring that infrastructures to life in terms of more innovative culture whether it is e-commerce or Fintech, artificial intelligence or even in some other advanced medical sciences, especially biogenetics and DNA sequencing. Those are the applications that are really going to make a difference. Now China moves from focusing on innovation infrastructure to a deeper innovation culture. If China’s successful there, then I do believe the chances of avoiding the middle income trap are important.

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