China’s ‘tech juggernaut’ is just starting while it already dominates in tech space – investor to Keiser Report
China has now more millionaires and unicorns than the US and the tech sector may be the next sphere where Beijing can leave Washington behind, investor Dan Collins told Max Keiser.
Most people would assume that the number one city in the world to host tech start-ups is San Francisco, but Beijing was recently ranked as the world’s unicorn capital – 27 firms ahead of Silicon Valley. China is home to 206 unicorns (start-ups valued at more than $1 billion), while the US has a total of 203.
“There are Chinese cities outpacing the UK in innovation,” Collins, who lived in China for 20 years before moving back to the US this year, told RT’s Keiser Report.
“So the Chinese tech juggernaut is something that is starting. The issue behind Huawei – this should be the new Sputnik moment for the United States. This is a very shady company that dominates 5G. American has no competitor in 5G. 5G will carry global data all over the world. Huawei has been taking over this market for a decade.”
For more stories on economy & finance visit RT's business section