China no match for US unicorns in AI, big data and robotics as it continues to play catch-up in R&D, says Credit Suisse.
China lags far behind the US in producing genuine hi-tech unicorns in artificial intelligence, robotics and biotech as it is still paying catch-up in scientific research, according to Credit Suisse.
“It is fair to say that … there are probably more genuine hi-tech companies among US unicorns at this stage,” said the report’s authors. Credit Suisse said that nearly half of the country’s unicorns were still dominated by internet and e-commerce companies because they are driven more by business model innovation, which takes advantage of the nation’s large, fast-growing but fragmented consumer market.
“Despite its huge size, China is a relative ‘newcomer’ in the game of R&D and innovation, and it takes time for R&D spending to translate into commercial products or services,” the report said.
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