Among the top 10 most valuable tech companiesglobally are two China tech giants…with many more up and coming startups making theirpresence felt.The industry has become a serious rival toSilicon Valley, but there are political hurdles ahead.
This is your Bloomberg QuickTake on China’stech giants.Early on, Chinese companies like Tencent hada reputation for being copycats.Its QQ instant messaging app originally looked a lotlike icq - a popular messaging app used in the U.S.Comparisons are now harder to make.Tencent’s 1 billion strong messaging appWeChat has grown from simply a texting app,to a platform for shopping, flirting, dating,watching videos, playing games, and orderingfood and taxis…
There’s no U.S. equivalent.Since the introduction of the internet inChina, the government has controlled the webwith a complex system of censors and gatewaysknown as The Great Firewall.This has effectively quarantined China’stechnology ecosystem, blocking access to thelikes of Facebook, Twitter, and Instagram.That’s enabled locals to develop serviceswithout competition from abroad and buildplatforms with a uniquely Chinese flavor.
And because of China’s large population,whos internet users more than double the entireU.S. population... the companies grew to bemassive.They became so successful that some U.S. companiesare taking note.But there’s increasing pushback.Donald Trump: “China...they’re drainingus, they’re taking our money, they’rerebuilding themselves...”President Donald Trump says China is stealingoverseas know-how and has imposed tariffs.Bloomberg Businessweek uncovered that theChinese even planted chips in computers forpotential hardware hacks.Yet Chinese tech company names that only recentlydrew blank stares outside China are becomingincreasingly familiar.Take Huawei,it reached a pinnacle in 2018 by overtakingApple in smartphone share globally.But for China’s big tech companies to keepexpanding, they’ll need to convince othernations that they mean no harm.
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