Reportedly, China is closing some areas of technology in the U.S. and might soon even surpass America in particular respects, analysts stated to CNBC. The global second-largest financial system is already demonstrating some good development in its pitch on homegrown industries like AI (artificial intelligence) and chips. In a recent report, US-based think tank the CFR (Council on Foreign Relations) said, “China is concluding the technological breach with the U.S., and although it might not match the western country’s capabilities across the board, it would soon be one of the major powers in technologies like AI, robotics, 5G, energy storage, quantum information systems, and potentially biotechnology.”
The move came as Beijing gets ready for celebrating the 70th anniversary of the PRC (People’s Republic of China) in October. With much fanfare anticipated, the occasion will see the Asian titan flaunting its military expertise in a parade in Beijing and Chinese President Xi Jinping address about the nation’s progress. One of the biggest parts of China’s development is technological expertise. The digital economy in China sums up for over 34% of the country’s GDP (gross domestic product). It is also home for some of the advanced tech companies across the globe, including e-commerce titan Alibaba and tech multinational Tencent.
Recently, Alibaba was in news as the tech giant aimed at serving more than 1 Billion shoppers annually by the end of 2024. That target seems lofty, but Alibaba previously served around 860 million active customers in the last year, comprising 730 Million active shoppers on its Chinese platforms and approximately 130 Million across its overseas and cross-border marketplaces. This shows that Alibaba anticipates its active consumer base to increase at a CAGR (compound annual growth rate) of 3% in the next 5 Years.