Asia: The Changing Face of Innovation
The face of the Chinese competitor has visibly changed in the past five years due to a variety of factors. Years of foreign investments have allowed China to develop into a manufacturing powerhouse rich in technological learning opportunities for local companies. Leaders among these companies have moved up the capabilities ladder from producers to creators. Chinese innovation is visible in internet business models, telecommunications, software, artificial intelligence, new materials, consumer products, high-end equipment, and green technologies. Innovative Chinese companies such as Huawei, ZTE, Alibaba, Tencent, and Baidu are becoming household names outside China.
The transformation is quick and surprising, the new face clearly different. In the theater of business, Chinese performers are undergoing a rapid transformation of their own as they seek to evolve from backroom producers to the world’s leading face of innovation.