1.4 billion people live in China, and the per capita income of China is about 17.2 thousand dollars. The Chinese are creating different brands in various fields, starting from Huawei, Tiktok, and solar panels. The exciting thing is that if China only sells products in its own country, it can make four times more profit than the United States.
Is China Becoming the leader in World Technology?
In terms of technological leadership, it depends on four things. They are
- Research and Development.
How much money a country invests in Research is more important in Technological leadership. In 2000, China invested 1% of their total GDP in R&D. Whereas in 2018; they increased their investment by about 2% of their total GDP. In terms of money, China invested 551.1 billion dollars which is the second height amount of money. On the other hand, the United States invested 649.4 billion dollars.
- How many people in a country are delegated to Research and Development related work?
- How many Research papers have been published?
- How many people patent their new invention? How many applications are submitted for their innovation idea
How far ahead is China in the tech sector?
China sells a considerable amount of mobile phones worldwide. In 2011 China held 11% of the global mobile market, whereas the USA held 19% of the global market. But in 2021, China will increase their market worldwide and holds 58% of the global market. On the other hand, The US share is down to 15%. Samsung & Apple are well-renowned companies Worldwide. These companies occupy only 15 per cent of the global market. China occupies the other two third of the global market.
Global network system depends on the tower. It is called the ‘ Telecom Network Gear’. In 2014, 28% of the global market was occupied by china, which will increase by 36% in 2021. At the same time, the US holds the market only with 9%. Here the Chinese company Huawei is working as the leading manufacturer of these accessories. Again nowadays, Drone is becoming popular. And China is the dominating the drone market also. China meets 80 per cent of US drone demand, whereas the US can only meet 4% of their demand.
China has the largest automotive market in the world. Today’s world is moving forward and adopting EVs. Tesla is one of the prominent suppliers of EVs in China. 15% of there can be fulfilled by Tesla.
Social Media Marketing
Tiktok is one of the fastest-growing apps in the world. It occupied 20% of its share in the United States in 2014. Whereas Facebook was able to hold 15%, Messenger 13%, Instagram 11%, and Snapchat occupied 9% of its share.
Solar panels are mainly composed of photovoltaic cells. In this regard, China is quite ahead. Currently, 67 per cent of the global market is occupied by China. Where the United States occupies only 1 per cent. Moreover, Malaysia occupies 10%, Vietnam 9% of the market.
China can do all this because it invests heavily in Research and development. They do a lot of Research and publish a lot of research papers. Although China has restrictions on freedom of speech and many other areas, they have never hindered Research and development. On the other hand, those involved in research aid development are given maximum benefits. That is why they have advanced so much in Technology and leading the world in Technology.