Tech Powerhouse

In June 2016, China outlined its vision to become the leading player in science and technology globally by 2030.

Today, business in China is being led by innovation-driven companies, like Huawei Technologies; the tech giant filed more patent applications than any other company in the world in 2017.

Meanwhile, other Chinese tech companies are winning contracts overseas, with electric buses from BYD, an auto manufacturer, plying high frequency routes in London, and a Chinese consortium beating Japan to build the high-speed rail linking Jakarta and Bandung.

The country's largest Internet firms, Baidu, Alibaba and Tencent, are leading the world in e-commerce, mobile payments, social media, and online gaming. China captures more than 40% value of worldwide e-commerce transactions.

Planning further ahead, Beijing has laid out a detailed development plan in 2017 to become a world leader in Artificial Intelligence (AI) by 2030.

Bigger than its goal to achieve world dominance in AI is the top leadership's vision for a new Chinese economy powered by AI.

Money is pouring into countless startups as Chinese entrepreneurs and investors spy a huge opportunity to harness AI in different industries. It's little wonder about a third of the world's 262 "unicorns" (startups valued at more than a billion dollars) hail from China.