Most Chinese companies that are on the radar now, like Xiaomi, have taken this path. They have learnt from western counterparts and built upon it.
The way the new mayor of Shenzhen ordered to bulldoze all factories in city center at around 2009-2010 shows how much esteem Chinese government has for entrepreneurship.
Can anybody imagine a governor of California ordering to bulldoze all silicon valley corporate campuses on a whim just because he wanted to have few hundreds more empty luxury shopping malls and 5 star hotels with blackjack and hookers?
Perhaps this is a bit like the schooling of Bolshevik Engineers versus American Engineers, the former had a much reduced curriculum that helped the USSR catch up in engineering talent on paper, meanwhile those engineers were missing key concepts that you need to understand to build planes, bridges and similar that won't spontaneously degrade.
Can absolutely confirm this saying for Romania of the late '80s and throughout all of the '90s (so, even after the Wall had fallen).
This is a big thing in India too. People become engineers and then decide what they want to do.
You can absolutely say that about the Chinese education system as well, and they seem to be doing OK.
I agree it's a shame that creativity is undervalued, if not outright suppressed, by the education system, but at the same time I don't think entrepreneurial spirit arises from formal education in the first place.