According to The Wall Street Journal, China’s technology companies are challenging market leaders in telecommunications, mobile devices, and online services.
While long known as the world’s factory, China’s technology products were rarely seen as cutting edge; however, this trend is changing.
The rise of China’s technology industry is being fueled in part by its growing investment in research and development (R&D). Technology companies are also taping into Western know-how by hiring Silicon Valley executives.
The combination of growing R&D investments, foreign expertise, and local talent could change the power structure of the global technology industry in the coming years.
Setting trends in the high technology sector also requires a rethink of past strategies.
New ways of thinking are being led by major technology companies, such as Huawei, Lenovo, and Tencent. These companies are challenging global market leaders in their respective sectors by becoming true innovators, rather than fast followers.
China’s technology companies are beginning to realize that to become true market leaders, they need to innovate. This requires not only big gains in hardware development, but also software and user interface advances that appeal to a global audience – a constant challenge for many technology companies.