Without any fanfare China is taking a quantum leap. In recent years the nation has been experiencing a technological revolution that is set to shift the world’s balance of power and will affect us all. Very few people are aware that Chinese businesses are global leaders in several important sectors that can shape our future. These sectors include drone technology, solar cells, mobile payment, social media, e-commerce and practical application of artificial intelligence.
When we in Europe and the United States try to understand the digital future, we look toward Silicon Valley. But we are looking in the wrong direction and are standing with our backs to this future if we only look to Google, Amazon and Facebook. It’s high time we begin to understand what is happening in China, which - with its 800 million internet users - is the world’s largest and most advanced digital economy.
It won’t be long before Chinese businesses are flooding the world market with inexpensive advanced technology and this will challenge countless Western companies that traditionally have been tech leaders.