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New economic powers emerged during the first two decades of the 21st century. As the outcomes for these emerging countries have proven quite different, it is interesting to consider different economic development models that were adopted, in particular given the lead taken by Asia. The genesis of such models is influenced by dynamics of technology transfer and endogenous innovation, as well as the circulation of knowledge and management models. This leads to question the relevance of an Asian model of development. In addition, the concept of technology transfer can be called into question, in favour of more complex approaches to technical flows, innovation processes and the actual sources of competitiveness. Because of its importance in the global economy, China is at the heart of these issues and it provides an excellent example of technology transfers that have triggered an increasingly broad movement towards endogenous innovation. Its long history also highlights the importance of cross-fertilisation, as in the silk industry, and the role of ‘hidden champions’ in the genesis of technological innovation. This is how China has reversed the flow of technological and managerial transfers with Russia, particularly in the automotive sector. China’s rise is not overwhelming, however, as shown by the resistance of the Japanese shipbuilding industry to competition from China and South Korea. One of the major factors in this resistance is the significant level of strategic autonomy that companies have in relation to governments, as well as the specific role played by multilateral organisations such as the World Bank.