New technologies are playing an increasingly central role in the global economy, and governments across the world are rushing to support innovation across a wide range of industries. It is no longer the privilege of western markets to lead the way in technology development.
The usual argument is that China has significant technology gaps, and that it has a long way to go before it can catch up with the West. That might have been true in the past, but recent years have seen technology transformation in China. According to PWC, China has already overtaken Europe in terms of venture capital investment in technology and is creating so-called “unicorns”- tech businesses worth more than a billion dollars – at just as fast a rate as the US.
Both innovation and entrepreneurship have led the Chinese government agenda since 2014 as part of its ambition to shift economic development, currently driven by manufacturing, to one that is steered by innovation. The vision is rooted in “Made in China 2025” or “Industry 4.0”, which aims to capitalise on big data analytics and robotics, as well as artificial intelligence. The city of Shenzhen, dubbed as the “Chinese Silicon Valley”, is already making headlines and drawing the world’s attention.
The concerns associated with China’s status as an emerging “innovation nation” – which the US has alleged is based on stolen US technology – prompted US President Donald Trump’s trade dispute with China this year. This dispute is affecting more than US$100 billion worth of bilateral trade.
Despite growing business potential and some changes in favour of IP protection, the main challenge for western companies remains how to participate in China’s growth without compromising their technological know-how. There are many conflicting messages about the level of risk in doing business in China, making it more difficult for western companies to identify the opportunities.
This ‘China’s growing quest for technology innovation’ roundtable, in partnership with Rouse, will examine how companies can maximise the opportunities arising from China’s growing demand for innovation, while understanding the risks and how these can be mitigated.
- Rene Haas, President of Intellectual Property Group, ARM
Please note that photography, audio, and video recording may occur at an Asia House event. By attending the events, you consent to all photography, audio and video recording and its/their release, publication, exhibition, or reproduction to be used for news, webcasts, promotional purposes, advertising, inclusion on websites, social media, or any other purpose by Asia House. Images, photos and/or videos may be used to promote similar Asia House events in the future. You release Asia House, its employees, and each and all persons involved from any liability connected with the taking, recording, digitising, or publication and use of interviews, photographs, computer images, video and/or or sound recordings. If you do not wish to have your image recorded for distribution, please inform one of the Asia House employees upon arrival at the event premises.