Abstract
Financial support of hi-tech industries both in manufacturing and service sectors is a priority of China’s economic policy. Technological innovation is considered to be a new driver of that country’s economic growth by the national authorities. Sheer indicators of China’s technological sphere, such as aggregate R&D expenditures and a number of issued patents, look very impressive. But a further development of that sector is impeded with a range of institutional hindrances, e. g., lack of financial intermediation, low efficiency of fiscal stimuli, and widespread corruption. The review covers how the modern Chinese economists treat the origins of those problems and the tools to solve them.
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