China to keep lead over West in developing consumer technologies, says UBS
Chinese companies have monetised social networking apps, which is something their western rivals are still struggling with, says UBS analyst
China will continue to lead the world in disruptive business-to-consumer technologies as it mines the commercial benefits of its vast e-commerce and social media platforms, according to UBS.
The country’s investments in research and development in those fields and other disruptive technologies are on track to surpass spending by the United States next year, analysts at the Swiss global financial services firm said.
“In a lot of these consumer-based technologies, China is far better than the West,” said UBS equity analyst Sundeep Gantori at a briefing on the sidelines of the company’s Disruptive Technology CEO Summit on Tuesday.
Since its launch in 2011, WeChat has evolved into a must-have mobile app on the mainland, used for an array of activities, from shopping and getting food delivered to booking a doctor’s appointment and paying bills.