Yes. One can draw a direct line between shame-based cultures and an unwillingness to take risks for fear of failure. The most harmful outcome of this is lack of innovation.
There is nothing inherently in Chinese culture that prevents innovation. Innovated people gonna innovate, when they got the resources they need.
Poor country usually aren't very innovative, and China has become much richer at national level. To bet, there will be more innovations from China than not for the next several decades.
Maybe not Silicon-Valley-type innovation, but there have been plenty of innovations out of China's very long history.
Even in more recent times, I remember reading an article about Chinese research into floor tiles that can identify people as they walk via weight and shear. This was 6-10 years ago, I don't know whatever happened to that project.
Edit: I will posit that the people who take risks in the Valley do so not because of 'culture', but because they are well-off and/or well-connected and can afford to fail in terms of time and money.