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China leads potential for tech breakthroughs: KPMG

Updated: Mar 12,2017 7:57 PM     Xinhua

BEIJING — China and the United States have the greatest potential to lead advances in disruptive technology, according to a recent report by international accounting firm KPMG.

The annual report, “The Changing Landscape of Disruptive Technologies,” is based on a survey of over 800 global technology leaders including start-up entrepreneurs and Fortune 500 executives.

This year’s poll reflected a slight uptick for China, with 25 percent of respondents saying they believe China could be a leader in disruptive technology, compared with 23 percent last year.

Those endorsing the United States declined slightly from 29 percent a year ago to 26 percent.

China continues to make rapid gains as the country moves from a reliance on manufacturing to an innovation powerhouse, the report read.

“China’s economic transformation is spurring the creation of new drivers of growth, new industries, new institutions, and new opportunities in the technology and innovation space,” Egidio Zarrella, clients and innovation partner at KPMG China, was quoted as saying.

Through the use of disruptive technology, such as cloud computing and the Internet of Things, Chinese companies are jumping on the resultant new business opportunities.

Visionary entrepreneurial leaders such as Jack Ma of Alibaba are now known and respected globally, said the report.

Shanghai was identified as the top leading technology innovation hub in addition to Silicon Valley over the next four years, followed by New York, Tokyo and Beijing.

The city’s ranking was based on its strong regional position in financial markets and numerous hi-tech parks in Pudong New Area, the report said.