Silicon Valley's lead over China in venture capital investing shrank by the end of 2018 to $6 billion as techno-nationalism rises in the Asian nation. China's venture investments rose to $105 billion in 2018, nearly matching the U.S. at $111 billion.
China's domestic innovation has largely been centered on AI and mobile-centric technologies where China has natural advantages.
"China's mobile apps are more robust and developed. They are more transaction-based," said Hans Tung, managing partner at venture investor firm GGV Capital in Menlo Park, California., which blends mobile commerce into social sharing. Celebrities and ordinary users share their latest tips for fashions, fitness, travel and culture. Even Kim Kardashian got in on the action, telling her makeup tips on the Chinese site while marketing her KKW Beauty Line on the highly popular app.
Another major moment in the race for tech supremacy between the U.S. and China tech is the success of ride-hailing leader Didi Chuxing's in beatingin China. After a three-year effort, Uber surrendered the Chinese market to this local champion in 2016, and Didi absorbed its Chinese branch in a $35 billion deal in 2016.
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