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Translated Article of the Week: The ‘New Four Great Inventions’ of China

Chinese original innovation is changing the world.

China is the new force in the Internet world. Half of the world’s top 10 Internet companies are from China. They are Alibaba, Tencent, Baidu, Jingdong and NetEase. Those five giants are all from the PC era, but the real Chinese Internet innovation is starting from the mobile era.

The most popular innovations from the Mobile era are referred to as The New Four Great Inventions: Wechat, ‘Cashless Society’, Bike Sharing and WIFI Password Finder. They are all originally made in China and are influencing the entire world.

Why Are They Called The New Four Great Inventions?

At the beginning, Wechat was only an app for messaging, but now it has become a super app with functions for not only communications but also subscriptions, search, shopping, finance and more. Users can almost get anything they want in one app.

Before the sharing economy became the hot topic, WiFi Password Finder has already built a sharing platform to realize the efficient matching for WiFi resources. It helped millions of users access the Internet and spend more time on the Internet. In merely four years, it has reached 900 million users and became the world’s largest Internet sharing platform.

‘Cashless Society’ and Bike Sharing system changed people’s spending habits and travel habits in the shortest time, as they offered new and convenient solutions for people’s daily needs.

Compare to the apps originated from the western countries, the original native-born apps are better suited for the circumstances in China and are more flexible to the changes of needs.

Wifi Password Finder solved the most widely needed Internet networking issue, bike-sharing services aim at addressing travel and commuting needs, and mobile payment solutions have brought China users to ‘Cashless Society’ when the credit card system is still immature.

Export Chinese Model to the World

In the latter half of 2017, a few Chinese bike-sharing companies started their expansion to the European, North America and Southeast Asia. China has become the world’s largest market for bike and car sharing, which accounts for 67% of the world’s total consumption.

Alipay has partnered with more than 100 thousand businesses in 26 countries and regions worldwide, and Wechat pay is accepted in 130 thousand oversea businesses in 13 countries and regions.

More companies in Silicone Valley are starting to copy the success of the Chinese Internet companies. Facebook, Google and Microsoft have all started to offer similar solutions as Wechat and Wifi Password Finder.

There are still needs for innovation in people’s daily life, from healthcare to finance, retail to entertainment. In each vertical industry, maybe there’s one or more innovative company growing aggressively that will change people’s lifestyle again.

 

Source: Tech Huanqiu