The lack of innovation is not exactly a new thing, nor is it as simple as "Chinese people are not creative".
Chinese culture has a bad habit of emphasizing thatthere's only one way to the good life: education -> employment -> family.
And all along the way it's hard work and more hard work to make money to support life and family.
So when the goal is so uniform, the means invariably become uniform as well.
Nowadays, with the standard of living improving in urban areas that the fear of poverty is basically gone of a large percentage of the population, young people are beginning, however slowly to think beyond the old model. Many are embracing art and entrepreneurship over pure academic success and the corporate rat race.