Chinese business schools have made impressive progress in improving their quality, but there is still room for improvement. However, they have improved largely by copying the traditional American model of business education at a time when this model is coming under increasing critique for good reasons, including placing great effort on producing much rigorously conducted research, which makes little practical impact. Thus, having learned much from foreign business schools, the time has come for Chinese business schools to be bold and pursue their own model. Such a model should focus more on research that pays increased attention to context, including indigenous research, and is of greater practical relevance. Furthermore, given ongoing change inside Chinese business schools and in their external environment, it may be easier to make needed changes in China. Regarding teaching, business schools are encouraged to move beyond a focus on teaching content well to teaching content in ways that it can be readily applied; do more to develop understanding of how to leverage modern technologies like AI, big data, internet of things, and digitalization; focus more on adjusting teaching to the local context; and focus more on developing innovation/creativity and analytical ability, rather than memorization of facts.