China’s impressive progress in the sector of Technology has kept everyone thinking that in the near future China will dethrone America in almost all sectors. In the future, China will have to take the burden of leading the global economy and become the role-model country for running economy. Many economists reckon that the way China is making progress in their Import and Manufacturing sector, by 2030, they might cross America in terms of GDP (gross domestic product). Especially in technology and tech-based products and services are glaring evidence of Chinese Tech Revolution. Their tech capability has captured the attention of the whole world.
Between 2013 and 2019, China has made unbelievable advancements in technological sector and strengthens their economy. However, it may take a while to replicate the feats of Silicon Valley because it’s true that the best creative minds and adventurous entrepreneur are still crowding Silicon Valley. There, they can find all the facilities and opportunities they need. It can be easily said that Silicon Valley is home to the best minds in the world right now and also money is on the run there.
Till the past 20 years, America did not have to worry about the technological advancements in China. The reason was pretty evident; China in the last 2-3 decades was thought to be a copy-cat country, which could only replicate the products from other countries and export those replicas for a cheaper price. So, people would neglect these products produced in China and would label them as “Oh! Chinese Products“.
Apart from that, they were accused of sending spies to technology industries in other countries. So, they were labeled as- ‘Tech Galapagos‘. However, China managed to realize their problem. Thus, now they have amplified their investment in their technology sector and basic research. This kind of step enabled them to grab the market for their products in a short time — one of its real-life example, Huawei.
We received a word from Silicon Valley that China is running side by side with America in the race. The way China is making progress to catch up with America; it is easy to say that America’s sole dominance and superiority will soon come to an end. China is running alongside America in some aspects. Let’s take for example, Alibaba and Tencent. These two organizations are Conglomerate, which means they are large organizations build upon a number of multinational trade organizations. Alibaba, compared to US’s Alphabet, Walmart, Amazon, E-Pay, etc. – have managed to own the market for most of it. In 2015, Alibaba managed to accumulate more revenue than the combined revenues of Amazon, Walmart, and E-Pay, especially they have gotten revenue which more times the revenue in the US retail market.
On the other hand, Tencent is giving a hard time to Facebook. There is a good competition between these organizations. Apart from that, China launched their own ride-sharing service DiDi Chuxing; they also launched Ant Financial which helps online money exchange- here Ali-pay service has crossed PayPal‘s gross revenue and has been recognized as the largest Online Payment System in the world! Also, there is Lufax which launched a service for Peer to Peer online money exchange. China’s E-Commerce is more active compared to the United States. China’s sales through E-commerce are twice the sales through E-commerce in the USA and China’s money exchange through mobile phones is 11 times than that in the USA. The USA still uses cheques for exchange.
China is now focusing on Entrepreneur-Friendly Economy. China’s policy for Entrepreneurs is really praiseworthy. There is a term in Economics called ‘Venture-Capital‘ which means if Entrepreneurs wish to open their own startup company then investors will invest in their project. This investment can be either through a person or through any organization.
Entrepreneur’s market in China intensely focuses on Technology. Entrepreneurs are working on Artificial Intelligence Sector. Last year, their Government announced that by 2030 China would be leading the world in Artificial Intelligence. Now, they are making Smart cities, driverless cars for transport communications and alongside that, they are looking out for more improvements in their technology.
The responsible authority has arranged for large financial funds for research in many universities in China. The government had also taken this initiative. In 1960, the start of the Industrial Revolution in Japan and the way their government had carefully inspected the development and the way their people had also put efforts to make government’s plan work- similar scenario is happening for China as well. In some aspects, China is no longer far behind the USA.