China’s internet industry has developed at a phenomenal speed. A recent report (in Chinese) by the Boston Consulting Group (BCG) together with the research divisions from Alibaba, Baidu and Didi reveals just how fast Chinese unicorns, or internet companies that have a valuation of over $1 billion, have grown compared to their American counterparts.

They could soon be leaving the American internet companies in the dust.

The internet economy’s rise in China—or “China speed” as the report called it—has astonished the world over. China’s online users have reached 710 million, more than that of India and the US combined. Its online spending hit $9.67 trillion, having grown at a compound rate of 32% during the past five years and is only slightly less than that of the US. China now equals the US for the number of companies in the top 10 internet companies in the world by market capitalization.

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Linda Lew

Linda Lew is a Beijing-based journalist who covers technology, start-ups and business in China. You can reach her at lindalew at aliyun dot com.