China is on a par with the US when it comes to who is one of the largest technology companies.
It has nine of the top 20 global technology giants, while the US has the other 11 according to this table by Kleiner Perkins Caufield & Byers partner Mary Meeker's annual report on Internet trends
The world's top five technology companies , which are measured by market value today, are Apple
AMZN, + 0.29%
GOOG, + 1.61%
FB, + 2.19%
But in sixth place comes China's Alibaba
BABA, + 0.02%
followed by Tencent
TCEHY, + 0.39%
Other Chinese companies listing the top 20 technology companies are Chinese search engine giant Baidu
BIDU, + 0.38%
and smartphone giant Xiaomi.
Xiaomi filed an IPO in Hong Kong last month, which is expected to be the largest IPO worldwide this year. The Chinese smartphone maker, according to those familiar with the matter, is aiming for a rating of $ 70 to $ 80 billion.
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So, What drives growth in Chinese technology companies? Already, Meeker points to robust entertainment and retail innovations.
China's GDP growth is increasingly driven by domestic consumption, which in 2003 accounted for only 35% of GDP growth, compared to 62%.
Internet usage The number is also increasing rapidly on mobile devices.
People spend more and more time watching videos, especially short videos defined as less than five minutes in length.
And people in China actually pay for online content. Online video platform iQiyi
has seen huge subscriber growth, surpassing 50 million paying subscribers. Tencent Video recently announced that it has passed 62 million subscribers in February.
One of the most notable differences between China's technology approach and the US? Chinese Internet users are much more willing to share their data. According to the Meeker report, 38% of Chinese netizens said they share personal information, such as financial or driving data, to receive benefits such as lower prices or personalization.