On Monday, the Chinese Communist Party mouthpiece People’s Daily ran a commentary discussing the big innovation potential of “little giants”: small and medium-sized tech companies that can help digitize traditional industries like manufacturing.īeijing is not disfavoring the digital economy by regulating big internet platforms.China seeks to build its homegrown technology might and to reduce its reliance on foreign tech.Īnd “little giants” can shape the future of China’s digital economy.That is, sectors such as high-end manufacturing, AI, biotech, advanced semiconductor chips and climate tech.The South China Morning Post reported that companies making computers, communication and other electronic equipment consumed nearly 17% more electricity in 2021 than in 2020.īeijing is actively supporting and encouraging innovation in so-called “hard tech” (硬科技).The tech hub is home to tech giants: the U.S.-sanctioned telecom company Huawei and gaming and social media heavyweight Tencent.Particularly, they focused on key tech sectors such as chips, robotics and enterprise software, and steered clear of the consumer internet.Īnother sign of Chinese tech’s healthy growth: Shenzhen hit record power use in 2021.Together in 2021, they received a record $131.6 billion in VC funding, about 50% higher than the 2020 figure.But these regulatory blows didn’t paint the full picture of Beijing’s attitude toward tech, and aren’t going to define the trajectory of China’s tech industry.ĭespite a year of crackdowns, Chinese tech startups managed stellar growth. Digital economy isn’t out of Beijing’s favorĬhinese regulators spent 2021 cracking down on major internet platforms like Alibaba, Tencent, DiDi and Meituan over antitrust and cybersecurity concerns, and the entire online learning sector is now pretty much gone.
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