Explanation:

Correct Answer is (c).The original statement ends with while which gives us a clue that the last fragment should be a contradiction.
Statement I: A few years ago, Chinese innovation meant copycats and counterfeits while last year China led the world in ?nancial-technology investments and is closing on America, the global pacesetter, in other sectors. 
This makes sense as it depicts China no longer indulges only in copycatting else there would not be so much investment in technology.
Statement II: A few years ago, Chinese innovation meant copycats and counterfeits while this allows agile newcomers with business models that put the customer ?rst, to jump ahead of incumbents more easily in China than their counterparts in developed markets, the quality is still shoddy. 
The statement does not have any meaning and is grammatically incorrect.
Statement III: A few years ago, Chinese innovation meant copycats and counterfeits while around $77bn of venture-capital (VC) investment poured into Chinese ?rms from 2014 to 2016, up from $12bn between 2011 and 2013.
The statement is correct. It shows China transformed from being a hub for counterfeiting to a hub for VC investments.
Hence, option C is correct.