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Tuesday, February 20, 2018, 23:14
China tech industry catching up with US 'faster than expected'
By Xinhua
Tuesday, February 20, 2018, 23:14 By Xinhua

In this June 29, 2016 photo, a man uses mobile payment in Shanghai, China. (PHOTO / IC)

LONDON - China's technology industry has been catching up with the United States far faster than expected, with e-commerce and mobile payments already overtaking America, The Economist reported.     

China's mobile payments totaled 81 trillion yuan as of October 2017, the world's largest volume

Chinese Ministry of Industry and Information Technology

For example, China's venture capital funding was less than 10 percent of the United States' five years ago. But the latest data shows it to be more than 80 percent.     

China's artificial intelligence papers cited by third parties grew to some 90 percent of that of the United States, a sign that it's catching up in hard science, the report noted.     

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China's e-commerce transaction level was already neck and neck with that of the United States five years ago. According to latest data, it's about 175 percent of the United States.   

China's mobile payments totaled 81 trillion yuan as of October 2017, the world's largest volume, according to the Chinese Ministry of Industry and Information Technology. It was much more than the volume for the whole of 2016, which stood at 58.8 trillion yuan.     

However, despite the rapid growth, the article noted China's weaknesses in the technology industry, saying China's tech companies are worth only about one-third of America's, and they generate relatively little revenue abroad.    

China is still 10 to 15 years away from reaching tech parity with the United States, the report said.

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