This paper reports on a survey conducted among more than 800 engineering students at elite universities in China and the United States. Results from the survey reveal that US and Chinese students are roughly equivalent in their desire to form or join startup ventures. Far more US students, however, plan on actually doing so. In contrast, Chinese students are more likely to join the state/government sector. Our results also reveal a wide gap in perceptions on the availability of financing, mentorship and other innovation resources. The findings suggest that the innovation ecosystem in China remains underdeveloped in certain important respects.