China has become the second largest venture market in the world, as the country's research and development expenditure¹ ranks second worldwide, Spanish newspaper EL PAIS reported on Wednesday.

 

西班牙国家报周三报道，中国的研究与开发支出全球排名第二，已成为世界第二大创业板市场。

 

According to the report, the Chinese government is to invest $1.6 trillion Chinese yuan (252 billion U.S dollars) annually² to encourage start-ups in the fields of science and technology. The strategy aims to reduce dependence³ on low value-added manufacturing and provide more high-quality jobs.

 

The report said there is on average one start-up emerging every seven minutes in China. The country is becoming a source of innovation, as many say major hi-tech companies like instant messaging service WeChat have moved far ahead of their western competitors.

 

China is also integrating into the wider market as more events like MWCShanghai, Asia's largest mobile industry showcase with 8,000 companies in attendance and 70,000 competitors expected, opened on Wednesday helps to build connections between start-ups and investors⁴.

 

Speaking on the advantages of the Chinese market, robotic expert Eduardo Alarcon said China, as a start-up incubator, boasts a small amount of capital but has greater accessibility compared with other nations. In addition, China's vast land area and large population provides a diversified⁵ market for enterprises.

 

However other experts think China should seek partnerships⁶ rather than simply strike supply deals with western companies, in order to become a leader in technology innovation.

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