Chinese Tech Startups Still Far Behind in the Tech Race with the US

China is fighting hard in its quest for tech supremacy, but is still far behind when it comes to competing with the US.

According to recent report by Credit Suisse, China is home to nearly one-third of the 326 international startups. However, the US stands way out of the crowd when it comes to Artificial Intelligence, Robotics, and software. In fact, only 14 percent of tech startups in China target areas such as AI and Robotics.

According to Vincent Chan, the Head of Equity Strategy at Credit Suisse in China, China’s research is still catching-up.

According to the report, China’s investment in research and development between 2000 and 2009 has only been 1.2% of the country’s total GDP. This number is far lower than the 2.2% of the OECD countries during the same time period.

Robotics and AI are considered to be the solid foundations on which the tech future is supposed to be based. These specific areas are the crux of the ongoing tussle for tech supremacy between China and US.

Michael Kratsios, the US Chief Technology Officer focuses specifically on AI, 5G, and quantum computing. While speaking to The Washington Examiner, he said that he and his team will continue to push forth those initiatives.

He further added that it is his dream to ensure American tech supremacy.

However, China has been pushing hard to beat its competition and has done significant amount of work in the field of G5 development.

As far as the future generation of wireless networks is concerned, the Chinese tech giant Huawei holds the highest number of patents.  This will lead to the emergence of self-driving cars and smart cities. Despite the efforts made by the US, China has managed to become a global 5G leader.

As far as supremacy in AI is concerned, the Chinese government has started coming up with plans to make China a world leader in AI by the year 2030. To do so, Beijing plans to invest $150 billion into the AI industry.

China’s chances of penetrating the US and European markets are scarce. However, by eying African and Asian markets like the subcontinent, China can muster some courage. Further investment in research and development of technology will not only allow China to outgrow the US, but also bring its economy back on track, an economy which has been acting sluggishly for the past few months.