China owes the meteoric rise of its economy to its exporting sector. Over the past few decades, China acted as the factory of the world, making the products for innovative foreign companies.
However, over the past decade China has started to transition into technological innovation, opening its development to new directions.
Let's take a look at some of China's most innovative companies!
The Chinese economy has skyrocketed since the 1980's.
Image: US Global Investors
Most people know Baidu as the Google of China. In Mainland China, people use Baidu primarily for its search engine. However, over the past few years Baidu expanded into maps, cloud storage, internet television, and news. Baidu now looks into the future, seeking to move into artificial intelligence, like many of its domestic and global competitors
Founded in 1999 by Jack Ma, Alibaba holds a strong position as one of China's top tech giants and innovators. Alibaba is best known for Taobao - China's online shopping website. In fact, China boast the world's largest e-commerce market, which leaves Alibaba in a great business position. Alibaba built a fantastic platform for B2B, B2C, and C2C transactions to serve an economy that lacks the retail infastructure of the US and Europe.
Alibaba not only works in e-commerce, but has spread into cashless payments with its Alipay system.
Image: Smart Stock News
Tencent first emerged with its instant message app QQ. In 2011, it launched its multi-purpose social media app Wechat, which now places second only behind Facebook as the world's largest social media app.
Wechat, however, offers users much more than social networking. It has moved into cashless payments, transforming the face of consumerism in China.
Image: Investor Place
Called JingDong (京东) in Chinese, JD.com launched its first B2C website in 2004, wagering that the rise of disposal income in China would motivate Chinese consumers to search for higher-quality products. The bet paid off, and JD.com has risen to become one of the largest B2C websites in China.
JD.com even owns its own shipping service, realizing that 70% of its customer complaints concerned shipping problems.
Image: Chain Store Age
Founded in 1987 as a telecommunications hardware provider, Huawei blossomed into the main telecom hardware provider in Asia.
The company eventually moved into designing and producing mobile phones. Huawei now looks to expand outside of the Chinese market with well-received models such as the Honor 6x.
In China, Huawei has become a high-quality alternative to the more expensive iPhone.