From producing imitation products to launching its world-leading services, a new documentary reveals how China grew its technology sector.
Chinese tech services such as TikTok and Alipay have seen China’s technology sector explode in both size and influence in recent years, according to a new documentary.
iron fist of chinaAvailable to stream on Chamakhas revealed how previously the Asian superpower used to produce imitation products from other countries, but now more and more Chinese companies are launching their own wares.
Services such as TikTok, Didi (China’s version of Uber) and digital payment system Alipay have fueled the industry, which has rapidly overtaken the US tech industry.
Stream this story and more on all the latest news with Flash, Australia’s largest news streaming service. New to Flash? Try 14 Days Free Now
“No one thought China would be on par with the United States in key technologies today,” said Ian Bremer, president of the Eurasia Group.
“They thought these guys would steal stuff but they couldn’t really do anything new.”
Hosted by CNN’s Fareed Zakaria, the documentary explores Chinese President Xi Jinping’s increasingly authoritarian policy stances as he became leader.
It also details the evolution of the country’s tech industry over the years and how it inherited the world’s second largest economy when it came to power in 2012.
A big step forward for China’s technology industry was Alibaba which was founded in 1999.
The online company sold items ranging from cars to high-end fashion, as well as offering food delivery and financial services.
What began as an online marketplace for small Chinese businesses quickly grew into an Internet giant.
“Tech companies like Alibaba demonstrate China’s rise to the leading edge of economic and technological power,” Zakaria said in the documentary.
Meanwhile, ByteDance, the Chinese parent company of online video-sharing network TikTok, is reportedly more than double your revenue According to a report, it has grown to US$ 34.3 billion (A45 billion) in 2020.