There are now entire product categories which come out of China and no-where else. Drones. Camera gymbals. Personal electric scooters. Heck, their entire system of government could be called "innovative" - certainly no-one else has ever tried that before.

Give it 20 years and it'll be onto the next developing country which is copying to catch up, and China will be amongst the lead innovators - if not, as I suspect, the easy winner.