Mr. Shangkong | ‘A beggar is not begging, he’s crowd-funding!' Viral business ‘advice’ sparks debate on Chinese innovation
Will China produce a game changer? Perhaps, but not by simply calling old business practices new names
From Chinese President Xi Jinping to Alibaba boss Jack Ma, nowadays “innovation” has clearly become a red-hot buzzword whenever you meet important people in China to talk about the future of the world’s number 1 economy.
But what is innovation really about in the Chinese context?
Chinese technology firms in recent years have aggressively grown their influence and importance in both the consumer market and stock market at home and abroad.
However, when it comes to innovation, the international media and industry analysts hardly see any game changers or the so-called “next big thing” in China – such as on the scale of Apple’s immensely successful iPhone, launched by the tech giant’s late founder Steve Jobs in 2007.
In global capital markets, Alibaba successfully made the world’s largest listing, on the New York stock exchange late last year, surprising investors worldwide.
Recently China’s homegrown smartphone maker Xiaomi, often known as the “Apple of China”, received a new round of funding, bringing the company’s value to about US$50 billion.
A key reason why Xiaomi smartphones have gained popularity in overseas markets is their competitive price. To a large extent, Xiaomi’s success is still part of the old narrative about China being the world’s factory, built on cheap labour costs.
