China has put in place national plans to become a leader in areas such as AI and to foster homegrown industries that it has typically relied on the U.S. for.
That's thanks to an internet boom over the years. The number of internet users in China at the end of 2008 totaled 298 million — or just over 22% of the population at that time, according to official statistics from the China Internet Network Information Center . That number rose to 854 million at the end of June this year — or over 60% of the population.Eoin MurrayJust over 99% of Chinese web-users access the internet on their mobile devices, according to official government statistics.
"We have a technology grip from the U.S. that is actually being torn apart by China at this point," Eoin Murray, head of investment at Hermes Investment Management told CNBC's "Squawk Box Europe" last week.But the rise of China's tech industry has been tarnished by allegations of intellectual property theft and claims that the country's technology companies have been copycats.
Whether it is Chinese-designed phones that look similar to Apple's iPhone, or Chinese search or e-commerce companies being compared to Silicon Valley's Google or Amazon, China has for a long time carried the image of a tech follower."For years, Silicon Valley looked down on China tech and believed it was only copying.
There are even signs that some of America's biggest tech firms have been imitating some Chinese companies now.
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