, Wang Hanyang was fascinated by the electronics markets of Zhongguancun. He wandered the aisles of hard drives and graphics cards like a kid in a zoo, asking questions and learning. By 2009, government attempts to foster a tech hub in Mr Wang’s patch of Beijing had yielded little else to inspire a 14-year-old’s imagination. There were a few successful Chinese tech firms mimicking their American counterparts in search and social media, along with other startups.
China has long since moved beyond producing merely Chinese versions of Silicon Valley companies. WeChat, an all-encompassing chat and payment app introduced in 2011 by Tencent, an internet giant in the southern city of Shenzhen, has inspired copycattery from Facebook. The newest firms in Zhongguancun employ business models that do not exist yet in America. One company lets doctors in small family practices order up complex lab tests for their patients on their phone.
Often they come back and start a company, as Mr Wang did after he dropped out of the University of Waterloo in Canada. The schools of Zhongguancun predate its tech boom, and are foundational to it. As tech companies grow larger, the universities supply young talent while the promise of good schooling helps lure older recruits with families. The concentration of bright minds, in turn, attracts more brain power.
Shunwei also aims to address Zhongguancun’s greatest weakness—a reliance on imported components and technology. The firm has investments in Chinese companies that make chips which manage charging devices wirelessly, or that fuse camera data into three-dimensional scans. It is also investing in companies that design new materials—antibiotic ones for fabrics and mattresses, ceramics for phones. Today, most Chinese companies import these sorts of products from America, Europe, Japan or South Korea.
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China is part of the world
Wait....I thought China urged it's people not to patronize US universities any more due to trade war retaliation? Which is it?
It's gotta start somewhere. I'm excited to see change in China. I think on a personal level U.S. citizens and the people of China have a lot in common. The future could be so bright.
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