A decade ago Cheap Minnesota Vikings Jerseys , Chinese Internet companies were still marginal internationally. Today, they are world-class industry innovators. In the Internet economy, the leadership is shifting from the advanced West to the emerging East.
Today, China’s leading Internet companies rival their counterparts in the West in terms of scale, value and innovation. Yet Mackensie Alexander Vikings Jersey , their impact outside of China is still relatively limited. Even the international leader Alibaba generates less than 10 percent of its revenue outside China.
But things are changing. Chinese Internet players are already expanding in other emerging economies particularly in Asia but also in Brazil and Latin America, as well as Africa. And as Chinese foreign investment has recently taken off, it is the Internet companies that are pushing outbound investment and mergers and acquisitions. Third, these companies are exporting their disruptive business models.
And this is just the beginning.
From the U.S. Internet revolution to Chinese e-commerce revolution
In the late 1990s, the United States was amidst a technology revolution and I interviewed most pioneers of the early Internet. It was an exciting time. America was the pioneer of the new cyberspace frontier.
Some 15 years later Jalyn Holmes Vikings Jersey , I saw the coming of another transformation that would subvert the Internet economy from within. That’s when I predicted that “China's e-commerce explosion will shake the world.” ?
Today, most Chinese spend?a lot of time on mobile Internet with WeChat and QQ, while three giant companies - Tencent, Alibaba and Baidu - accounting for a large amount of mobile time spent.
In the process. Chinese e-commerce companies have become as big or bigger as their peers in America. If the U.S. has its Wal-Mart, CVS Danielle Hunter Vikings Jersey , Kroger and Walgreens, China has its Alibaba, JD, China Resources and Suning.
In just one decade, China’s leading Internet companies have shifted the center of gravity in the global Internet economy to the East. Investors are following in the footprints. In 2015 Eric Kendricks Vikings Jersey , venture capital investment value in China-based Internet businesses was estimated at 20 billion dollars, which exceeded comparable VC investment in the U.S. (16 billion dollars), for the first time.
From imitators to innovators
In the U.S. and Europe, Chinese success is often explained as a simple result of a huge domestic market. While the latter has facilitated the drastic expansion of Chinese Internet giants, it does not explain their success Trae Waynes Vikings Jersey , particularly the extensive ecosystems, disruptive business models and unique services of the Big Three -- Baidu, Alibaba and Tencent.
In the past, U.S. and European multinationals crafted their global strategies for the Chinese marketplace. The idea was that what works internationally will succeed in China. That was predicated on two assumptions: global services can be cloned for China and that Chinese companies pose no competition.
Those assumptions no longer apply. Today, Chinese Internet giants are fast globalizing their services. In the coming years Laquon Treadwell Vikings Jersey , they will complement multinational leaders in one industry after another. Chinese Internet companies are no longer local imitators but global innovators.
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By Dr. Ulf Henning RICHTER and?Yuanyu MU
Chinese President Xi Jinping met lately with U.S President Donald Trump in Trump’s private mansion Mar-a-Lago in Florida, the first official meeting since the new U.S.government took office in January.
The two world leaders aimed to open a new page of their bilateral relationship and discuss issues of common concern, in particular the large U.S. trade deficit with China which may cause protectionist measures by the U.S. and other issues in the "" four pillar"" dialogue mechanisms.
Trade between the two economic giants has increasingly drawn the public’s attention. The bilateral trade volume amounted to 519.6 billion dollars in 2016, and continues to grow. However Ben Gedeon Vikings Jersey , the U.S. trade deficit with China is rather troublesome for a president that has been swept to power by the slogan “America First”.
Sino-U.S. trade has greatly benefited the people of both countries, and the world economy at large. The trade deficit has been caused by the growing hunger of the U.S. for cheap consumer goods such as electronics and clothing, as well as machinery.
The trade deficit only tells half of the tale though since many U.S. manufacturers have outsourced production, shipping raw materials or low value parts for assembly to China, and reimporting the finished goods back to the U.S. Jaleel Johnson Vikings Jersey , most famously Apple’s iPhone manufactured by Foxconn.
President Xi has successfully turned China’s inward-looking politics focusing on economic development and urbanization towards a positive, open, outward oriented program through his One Belt, One Road initiative.
His government is on the fast track in developing frameworks for its future role in global governance, focusing on connecting China and Eurasia and economic cooperation Pat Elflein Vikings Jersey , emphasizing China’s growing maturity on the global stage.
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25.05.2019 10:09
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