Global high-potential entrepreneurship was traditionally dominated by rich countries, especially the US, until the rise of China as a venture capital powerhouse. Professor Josh Lerner will discuss recent research that explores the international ramifications of China's rise using comprehensive data on global venture activities. The work suggests that this growth in emerging-market investment had wide-ranging positive consequences, including a rise in serial entrepreneurship, innovation, and broader measures of economic well-being, as well as positive spillover effects, even in sectors in which Chinese firms were less active. Taken together, the authors’ findings suggest that developing countries benefited from more "appropriate" businesses and technology pioneered by China, and that expanding leadership in global innovation beyond a handful of rich countries could have global benefits. Professor Josh Lerner will also discuss the likely impact of the very recent changes in Chinese entrepreneurship policy.