China’s transition from a country that follows the world’s technological trends to one that sets them, is no longer a blueprint -- it’s a reality.
After years focusing on innovation, China caught up fast. From artificial intelligence and genetic engineering, to mobile payments and bike-sharing, Chinese firms are pulling ahead of their rivals.
Silicon Valley has long been considered the most viable option for starting a business in the tech sector. Now, this is beginning to change. Known as “sea turtles,” a growing number of overseas-educated Chinese are returning to their home country, turning down opportunities in Silicon Valley to make a splash in China’s emerging tech sector.
The reverse brain drain has benefited China’s tech companies, such as Royole, a company founded in 2012 by “sea turtle” Liu Zihong, a Stanford graduate.
Two years after its founding, Royole rolled-out one of its core products—the world’s thinnest bendable screens that if used on an iPad, would allow it to be folded into the size of an iPhone.
Valued at over three billion U.S. dollars, Royole has become one of the world’s fastest-growing tech “unicorns,” new tech companies valued at over one billion dollars.
At the 19th National Congress of the Communist Party of China, which charts the course for the country’s future development, innovation has been labeled as the primary driving force behind development.
China has worked to create an eco-system for innovation, including talent, investment, policy support and market environment, that fuels a cycle of innovative activity.