Chinese companies aren’t just copying products developed in other parts of the world. They are improving them and releasing them product light-years ahead of major technology giants in the U.S.
Daniel Q. Wong of McKinsey & Company wrote on September 8, 2016 about how Chinese companies are not just copying technology ideas from foreign companies, they are improving them.
- A phone similar to, if not better than, Apple’s new iPhone 7 has been on the market in China for six months.
- WeChat, China’s answer to Facebook, has used mobile payments and digital funds transfers since 2014. It is used throughout China. Facebook rolled out its own mobile payment program in 2015. Few here are taking advantage of it.
- Facebook’s chatbot arrived this year. WeChat’s chatbots have been available on the Chinese platform since 2013.
- If a business uses Facebook to sell its product, it must resort to third-party check-out apps. WeChat has had integrated checkout available since 2013.