China has turned on its next-generation 5G mobile networks while President Xi Jinping threw his weight behind blockchain technology.China, once seen as an imitator when it came to technology, is now looking to take the lead in areas from blockchain to artificial intelligence , much-hyped technologies that are seen as critical to the future.the world's second largest economy will continue pushing its domestic technology sector.
"On AI, China is implementing the technology very fast in facial recognition, speed recognition, self-driving vehicles, smart cities and medical diagnoses," Rebecca Fannin, author of "Tech Titans of China," told CNBC. Mobile payments — or paying with a scanned code on your phone — is one area in which China has led the way. Alipay and Tencent-owned WeChat PayRebecca FanninBut these services are also known as "superapps" because within the platform, users are able to get other products from micro-loans to wealth management products. They have provided a way for Chinese consumers to bypass the banks, to some extent.
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