Out With The Old, In With The New As China Seeks To Become ‘Global Silicon Valley’

China is a global power on the rise, even in the tech industry.

In a spin on how things have increasingly turned around, China is the industry that startup tech companies are emulating. This is thanks, in no small part, to the reforms Chinese Internet companies have been making, not to mention innovation and experimentation, according to SCMP.

Take ShopBack, an e-commerce company, for example; they managed to adjust in the timely fashion to the changing trend of the time. When everyone was still focused on launching online, they managed to create a mobile app in time to ride the trend of mobility. Users can now download their mobile ShopBack app.

Baidu, Alibaba, and Tencent-more were collectively known as B.A.T-are prime examples of how the Chinese tech industry is growing fast. These three have a combined net worth of about $1 trillion or more.

Information Age says that this is not surprising. China is not afraid of new things; this is the biggest strength towards the exponential growth and possibility for lots of opportunities in China. There has also been the large room for investments, thanks to timely legislation. Couple that with adopting the best practices of model tech markets in the UK as well as the US, and you've got a recipe for success.

This progress has seen the State Council designate places to become China's very own version of the U.S' Silicon Valley. There's Shenzhen, with all its Fortune 500 companies and Chengdu, hand-picked by the very State Council itself.

China's open market approach has attracted lots of startups as well as companies with middling profits to compete in the tech market. These companies are Hong Kong-based Xiaomi Corp.; Ant Financial Services, an affiliate of Alibaba; the Tencent Music platform; and on-demand delivery provided by Meituan-Dianping.

All of these won't be possible without the interest of the Chinese people in these apps and modern services. Figures have shown that apps like the Tencent prodigy Kuaishou have received about 230 active users from just 204.

China is definitely making good on its progress as the next Silicon Valley.