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Relevant literature tends to take innovation catch-up of emerging markets' latecomer firms almost for granted. However, not all catch-up efforts are successful and some of these firms remain stuck in catching-up or exit from the market. In the search for explanations, this paper investigates the mediating effects of opportunity capture against those of technological innovation in the relationships with performance of single dimensions of absorptive capacity. Hypotheses about the different ways in which absorptive capacity can be deployed are tested on data collected from 166 manufacturing firms in Guangdong Province (China). Findings support a stronger mediation effect of opportunity capture between absorptive capacity dimensions and firm's performance than that of technological innovation. By using bootstrapped multiple mediation analysis and a multi-dimensional operationalisation of absorptive capacity, the study provides evidence of the relationships investigated, sheds light on some of their unintended effects on latecomer firms' innovation catch-up and draws practical implications. ; Part of this research has received funding from the European Union's Horizon H2020 Research and Innovation Programme under the Marie Sklodowska-Curie Action (Grant No. H2020-MSCA-RISE-2016-734447

1. Introduction -- 2. The southern China engine : Guangdong province -- 3. The geography of industry in Guangdong -- 4. Industrial development policy in Guangdong -- 5. Migration policies and the role of migrant workers in Guangdong industrial development -- 6. Local development policy in Guangdong : the "specialized town programme" -- 7. Innovation dynamics and innovation policies in Guangdong -- 8. Policy effectiveness -- 9. Final remarks.

By concentrating on one of the key locations of global manufacturing, this volume offers a contribution to contemporary industry studies. The rates of growth that have characterized the southern Guangdong province in the last three decades are unique, even with respect to the more general and often cited Chinese experience. But what role have governments played in these decades of growth? What are the aims and tools of industrial policies promoted in this core location of contemporary manufacturing? And what are the implications of the Guangdong experience of growth for the internatio.

In places like China, an ageing population coupled with changes in living standards and increases in disposable income, imply a shift of the demand for health-related goods and services which is likely to affect the whole organization of the industries that supply such goods and services at the global level. One of the industries most likely to be affected is the pharmaceutical sector. In the early 2000s China was already the second largest global producer of pharmaceutical ingredients. The pharmaceutical sector has become one of the most important industries promoted by the Chinese government and Five-Year Plan of China's Strategic Emerging Sectors, mergers and acquisition (M&A) activity has been the key strategy to restructure the sector and increase its competitiveness. This paper firstly provides an updated picture of the evolution of M&As in the pharmaceutical sector, compared to other sectors, in China in the period 2005–2013. Secondly, we develop a composite indicator to measure the industrial performance of all Chinese industrial sectors over time, which allows us to assess the performance of the pharmaceutical industry compared to that of other sectors of the Chinese economy. Finally, we develop and estimate an empirical model that tests the relationship between the number of M&A in a sector and its performance, with a particular focus on the pharmaceutical case. The results offer some initial evidence of positive effects from the process of restructuring of the pharmaceutical sector in China.

1. On Health Production and Demand. And why an effective Health Industry is vital for China (and the rest of the world) -- 2. The rise of China as a global player in the healthcare industry -- 3. Government planning and policy for health industry -- 4. The globalization of the industry: Chinese inward and outward FDIs -- 5. Innovation and research excellence: China in the International scientific scenario -- 6. Challenges for the future and the role of Industrial Policy.