What they have done so far is applying western technologies/business models to the Chinese market, maybe some modifications here and there for the local culture and marketing schemes, but hardly innovative.
Now, can you name a few things coming out of China in the last twenty years that are relatively innovative and influential? Maybe things like Linux, Java, Netscape, Rails, Jquery, Twitter, Instagram, etc. The definitions for 'innovative' and 'influential' are up to you, I am just genuinely curious.