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China Now Exports Nearly 45% Of Asia’s High-Tech Goods
China’s share of Asia’s exports of high-tech goods has risen to 43.7 percent in 2014 from 9.4 percent in 2000, according to the 2015 Asian Economic Integration Report released by Asian Development Bank on Tuesday.
Since 2000 China’s share in high-tech goods including consumer electronics, telecommunications equipment, medical and aircraft technology increased over 4.6 times.
At the same time Japan’s market share shrunk from 25.5 percent in 2000 to 7.7 percent in 2014, making China the biggest high-tech producer in Asia.
It’s a positive sign for China given their recent government-led innovation drive. China still imports a high number of high-tech products for manufacturing, including chip technology, though an increasing number of companies are vying to make more core high-tech goods on the mainland.
Several Chinese brands in the high-tech space have seen global success in the past two years, including drone maker DJI and smartphone makers OnePlus and Xiaomi.
The Chinese government has committed several lump sums to promoting innovation in the past year, including a 40 billion yuan ($6.5 billion USD) government-backed venture capital fund established in January 2015 to support private sector innovation.