For all the recent talk of China’s stockmarket volatility and lower than expected growth, the Asian giant has firmly cemented its position as the world’s second-largest economy, a spot it took from Japan less than five years ago. In fact, if some commentators are to be believed, it could even be on track to dethrone the US, the leading economic superpower. While the US scores highly on measures such as competitiveness – it ranks third, with China some way behind at 28 – China has made huge progress in other areas, such as its market size and growth. Nothing better captures this progress than the rise of Chinese mega corporations, particularly tech companies. Although Silicon Valley has traditionally produced the world’s largest and most successful tech firms, China is starting to catch up, as this chart shows.
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