Well, there are a lot of highly valuable tech companies coming out of China. They're just not doing new things (0-1), but copying (mostly US) companies, often making them better.
Baidu, Alibaba, WeChat, Qihoo360, etc.
Although, tbh, Alibaba is pretty unique, and a lot of the video companies in China were dramatically different from stuff I've seen elsewhere. I think "China just copies" is overblown.
The China cheap-hw-production ecosystem is kind of a novel thing just by virtue of scale, too.