Tech firms from copycats to trailblazers
July 17, 2019 Category IT & Telecom, Weekly
China’s internet companies used to be called copycats for creating clones of Western social media platforms back in their home market – but those days are long gone and that trend is now in reverse. Today, global internet companies from the U.S. to Southeast Asia are looking to replicate Chinese concepts – from models such as the all-in-one super app, to social commerce as well as short video, according to findings from the second edition of the China Internet Report 2019, launched at Hong Kong’s RISE conference. The report examines opportunities and challenges facing its technology-led industrial transformation. The report was authored by the South China Morning Post and its sister site Abacus, in conjunction with Edith Yeung, Managing Partner at blockchain venture capital fund Proof of Capital.
Companies such as Indonesian ride-hailing company Go-jek, Japan’s LINE messaging app and even Facebook in the U.S. are now moving towards the super-app model, originally pioneered by Tencent’s WeChat, the report found. The WeChat messaging app offers users a range of services from making mobile payments to ordering food deliveries, that can all be accessed without leaving the app. China is also leading the way in social e-commerce as well as short video. The short video craze was popularized by TikTok, an app by Chinese company Bytedance, that allows users to post 15-second video clips. TikTok took the world by storm and became the most downloaded app on the iOS app store for five consecutive quarters.
Another key trend for China technology development is in next-generation 5G technology networks. China currently holds the most number of 5G patents, and has 5G pilot projects going in over a dozen cities with a total population of 167 million, according to the report. Artificial intelligence (AI) is also being used on a massive scale in China, with applications ranging from paying one’s subway fare or checking into a hotel using facial recognition, to making custom recommendations for online shopping or browsing news online, the report found. The China Internet Report explores 11 key sectors that make up China’s technology landscape – including e-commerce, messaging, the sharing economy, 5G, AI, smartphones and smart devices. Expert commentary from industry leaders such as Lee Kai-fu of Sinovation Ventures, Razer Chief Executive Tan Minliang and Eric Xu, Managing Partner of GGV Capital, are included in the report, the South China Morning Post reports.
The China Internet Report 2019 is available free of charge and can be downloaded in full here.
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