查看更多>>摘要:An increasing number of Chinese com-panies are grabbing the headlines with new technologies rolled out at scale. The most prominent example in 2025 has been DeepSeek and its low-cost large language models, but others include electric-vehicle (EV) maker BYD - which this year launched its 'God's Eye' intelligent driving system as a standard feature on most of its models - and battery manufacturer CATL, which is planning a major expansion of 'swapping stations' in China that allowquick battery replacement in EVs. Underlying such roll-outs is a commitment to research and development and an increasing synergy between China's top universities and its private sector. In many ways, collaboration between academia and industry in China, especially when it comes to launching new compa-niesand products, issimilar to how things work in the West. It is increasingly structured around a high-risk, high-reward funding philosophy in which promising ideas originating in academia are given investment, even if the vast majority of them fail. But unlike well-established university-industry ecosystems such as Silicon Valley, where private investors typically dominate and accept the risk of most start-up businesses failing, in China, the state plays a pivotal role. National government departments, including the Ministry of Science and Technology (MOST), and local innovation funds are pouring billions of yuan into university-affiliated businesses, knowing most will not achieve commercial success. However, those that do can go on to redefine whole industries.