High Tech Centers in China Rise to Challenge Silicon Valley
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Four Chinese provinces are reportedly hot on the heels of Silicon Valley as a recent government report revealed that there are around 16,000 companies born every day in Beijing, Shanghai, Hangzhou, and Shenzhen.
The report also showed that China’s unicorns – which are privately held companies valued at $1 billion or more, had already been at 164 in 2017. It is said that in most counts, China already has more unicorns that the US.
It was also noted that a lot of startups in Hangzhou had been founded by Alibaba alumni such as DTStack founder Chen Jiping who previously made their fortune in the ecommerce giant.
Source: Nikkei