'China is innovating faster than you imagine' says Forbes commentator

"China is innovating faster than you imagine."

Michael C. Wenderoth, is a professor at IE Business School in Madrid, one of the world's top-class commercial colleges. In widely shared article published in Forbes on Wednesday, he says that China owns an extraordinary proportion of word-class innovative enterprises and that its tech hubs are surpassing California's Silicon Valley. Wenderoth supports his argument with a long list of innovative companies, including telecom giant Huawei, leading smartphone maker Xiaomi, ecommerce giant Alibaba, Internet conglomerate Tencent, and top drone maker DJI. He also gave a thumbs up for China's creative businesses such as car-hailing provider Didi, as well as Ofo and Mobike, which are pioneers in the global bike sharing industry.

A night-time view of Zhongguancun, Beijing's equivalent to Silicon Valley. [File photo: VCG]

Wenderoth believes that China has the conditions required for innovation, saying "In sectors like ecommerce and the Internet, China has succeeded in creating an ecosystem so big and attractive that it drives innovation." And he believes that many enterprises don't need to rely on international markets thanks to the huge domestic market.

The author notes that China is increasingly dominant when it comes to technologies like AI, machine learning, and algorithms. He also thinks highly of the "Made in China 2025" policy, which he believes helps firms focus on key sectors like clean energy, electric cars, aviation, robotics, genomics, space, and security.

A screenshot of Michael C. Wenderoth’s article on Forbes website. [Screenshot: China Plus]

Wenderoth even suggests that western companies should learn from Chinese firms when it comes to "scaling up and operating in fast moving markets," which may help them "succeed in emerging economies like Africa." Wenderoth has confidence in China, saying it "may even take the lead in management and leadership, long considered the 'expertise' of the West."

The article has grabbed a lot of attention from social media users around the world. Having been widely shared, it has ignited a lot of discussion. For example, Twitter user Tom Coleman (@Tom__Coleman) commented on the article saying "The world lauds Silicon Valley as a center of innovation, but many Chinese visitors, particularly from China's growing technology sector–aren't that impressed".