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China sees boom in internet market

Updated: Dec 7,2017 3:03 PM

China’s booming internet development has been catching the attention of more and more foreign companies, who hope to grab a piece of fame and fortune in China. Some investment bigwigs at the Fourth World Internet Conference in the eastern town of Wuzhen expressed belief that foreign internet firms have begun to make their debut on the Chinese internet market.

Due to the growth of its netizen population and the amount of internet consumption, it is said that China pioneers the world in internet development.

CEO of ChinaEquity International Wang Chaoyong said China’s influence in the field of internet industry is becoming deeper and broader.

“China’s power in the internet sector has reached a global (extent),” said Wang. “That’s why these big players cannot ignore the market in China, especially Apple. Their products have a big share in China. Other pure internet companies like Facebook and Google, their Chinese market share is not as big, but they are also trying to enter the Chinese market.”

China’s internet technology is strong on the consumer side, but some believe that the country is weaker in enterprise applications and core technology.

Enterprise applications are the core and foundation of a national technology innovation system. According to Wang, China is going through it with determination and leading in certain sectors.

“Chinese companies are catching up in enterprise applications and B2B applications, especially in artificial intelligence. We see that Chinese companies are doing quite well,” noted Wang.

“We made big advancements in the electrical vehicle sector. That will lead the trend for Chinese economic growth in a new era.”

Wang also suggested venture capitalists cooperate with enterprises to drive Chinese economic development. He said they have broadened their investment scope from the internet to sectors such as artificial intelligence and big data.