China could catch up with US in terms of investment and innovation, experts say

Beijing. June 21. Silkroadnews - China might catch up with the United States, which has a lead so far in venture capital investment, Chinese entrepreneurs say, China Daily reports.
At the forum “China’s Innovative Revolution” they said about a giant in the ride-sharing service Didi Chuxing and manufacturer of electronic devices Xiaomi, both of which attracted billions of dollars in the form of equity financing. The forum attended by more than 200 entrepreneurs and venture capitalists is aimed at exploring investment opportunities in China and the United States.
Hans Tung, managing partner of the venture company GGV Capital, said that over the last decade, Chinese e-commerce has become the industry leader at both the national and global levels.
The super applications, best service and higher efficiency offered by such giants as Alibaba, Meituan and Xiaomi, could be a new wave of growth that will allow China to surpass the United States, Tung said. Xiaomi has set up manufacturing facilities in India, where it has already become a leading equipment supplier. The company supplies mobile phones for the Indian market, adapted to India’s summer heat and unstable power supplies.
China, is ready to become the world’s largest market for cars operating on new types of energy, and Baidu, the Chinese Internet giant, is investing heavily in artificial intelligence and automatic driving technology, with a view to gaining a large share of this market, said Nan Zhou, director of Baidu Capital.
Experts also said, the rapidly emerging new start-ups in China could mark a shift in technology and innovation around the world and make China the world leader in these areas.