In 2006 the Chinese government launched its National Medium- and Long-Term Plan for the Development of Science and Technology 2006-2020, making “indigenous innovation” the top developmental priority. The broad goal of the MLP is to transform China into a technology-focused economy by 2020 and a global leader in R&D, science, and product innovation by 2050.  Can such state-driven efforts succeed? At first glance, the results of China’s efforts are impressive. Yet China’s investment in research and development has yet to pay off in product innovation. Moreover, President Xi’s “Chinese dream,” which includes a major anti-corruption campaign along with reigning in “Western thinking” in China’s universities, may have a deleterious effect on China’s high-tech ambitions. This presentation will explore these ambitions in light of recent developments in China.