In January, Sequoia’s Michael Moritz, wrote in the Financial Times that the venture community in Silicon Valley needed to wake up to the competition from Chinese technology companies. His warning may have come too late. But it should not have come as a surprise – for those paying close attention, as far back as 2013, President Xi Jinping was on record saying “Our technology still generally lags that of developed countries, and we must adopt an asymmetrical strategy of catching up and overtaking.” It appears as though he is now delivering on that promise.
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