Internet of Things Photo: IC
In the past 30 years, the Chinese internet industry has experienced significant events like the rise of internet startups in the 1990s and surpassing the US in the number of internet users in 2008, becoming the world's largest.
The Chinese internet tech firms are rapidly expanding despite US crackdowns. This transformation is positioning them as global leaders in the industry, according to market insiders and experts.
The Chinese economy has benefited from the increasing power of Chinese internet companies. This growth has been driven by advancements in technology and digital infrastructure, which have led to higher levels of investment in the country.
Entrepreneurs and observers anticipate that the upcoming phase of China's internet growth will lead to a new wave of industrial reform. This transformation is expected to bring forth more competitive companies in sectors like AI and quantum information, injecting fresh energy into the world's second-largest economy.
"Three decades have flown by quickly. With the expansion of the internet, Zhou Hongyi, founder and chairman of 360 Security Technology, described all of us as pioneers, creators, participants, and beneficiaries in a post on his Weibo account last Saturday."
Zhou participated in a symposium organized by the Internet Society of China on Saturday. The event focused on "Thirty Years of China's Internet Development – Seizing the Opportunity for a New Start." April 20th marked the 30th anniversary of China connecting to the internet.
Among the participants were Tencent chairman Pony Ma Huateng, Xiaomi CEO Lei Jun, Sohu CEO Zhang Chaoyang, and Qi Xiangdong, chairman of Qi An Xin Technology Group. This was a rare gathering of these internet industry leaders, along with Shao Guanglu, general manager of China Telecom, and He Biao, general manager of China Mobile.
Officials from the Ministry of Industry and Information Technology, the Office of the Central Cyberspace Affairs Commission, and the National Development and Reform Commission also attended the meeting.
Zhou mentioned to the Global Times that the last three decades had distinctive phases, including a boom in internet start-ups in the 1990s, where many Chinese companies imitated Western business models.
It was followed by a period of change when China exceeded the US in having the largest number of internet users in 2008. By 2018, the number of Chinese internet users reached 800 million, marking a shift towards China in the global internet landscape.
Zhou explained that the Chinese internet industry is benefiting from several positive factors. These include the population dividend, ample space for innovation, and a stimulating environment for creativity. He highlighted the ongoing digital transformation in various sectors and people's daily lives, providing unprecedented growth opportunities for internet companies.
The speaker mentioned how China's internet industry has grown significantly in recent years, expanding globally with internet applications and smart devices. Innovations from China are now being replicated worldwide, marking a shift from follower to a leader in the internet sector.
Qi Xiangdong from Qi An Xin Technology emphasized the significant role of the internet in driving China's economic progress and societal advancement over the past decades. He highlighted that this remarkable growth would continue to make a substantial contribution as the economy moves towards high-quality development.
"Now, capitalizing on the growth of the internet in China, we will intensify our efforts to advance new quality productive forces and the AI industry, utilizing our strengths in ensuring internet security," Qi mentioned to the Global Times on Sunday.
The official MIIT WeChat account mentioned that the conference emphasized priorities for the next phase of China's internet development, such as actively preparing for the advancement of 6G technology and enhancing the organization of hash rate facilities.
The conference urged for advancement in fundamental technology innovations and subsequent changes in advanced sectors like AI and quantum information. This would provide a strong push for the growth of new and high-quality productive forces.
<p>Experts from internet companies informed the Global Times that Chinese technology firms should increase their investments in AI due to their established position in the internet sector and the numerous application opportunities available. This advice comes in the midst of intense global competition in the upcoming phase of the industrial revolution. Besides, they mentioned that China's progress in the internet field is built on extensive global collaboration and exchanges, contrasting with the US approach of creating a 'small circle' to suppress China's technological advancement.</p>
"According to Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, China will continue to lead open cooperation efforts that result in mutually beneficial outcomes," revealed the Global Times on Sunday.
