China: Now Home to Nine of the World's Largest Tech Firms

China is now home to nine of the world's largest public tech companies in terms of market value. They include Alibaba, Tencent, Ant Financial, Baidu, Xiaomi, Didi Chuxing, JD.com, Meituan-Dianping, and Toutiao.

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With well over a billion citizens and an ever-growing market, China's rise in the tech market is understandable. Compared to the United States, the Asian country is outpacing, in leaps and bounds, the number of degrees awarded in science and engineering. This highly skilled labor force is paying off in China's tech world and its expansion.

Just five years ago the Asian giant had only two of the world's biggest public tech companies in market value. The United States boasted nine of the largest.

Almost 40 percent of Chinese internet users seem more amenable to the issue of data sharing if it results in concrete benefits such as lower costs and personalization, according to Recode. In the United States, only 25 percent of web browsers feel the same way.

China's tech company expansion has also resulted in it becoming the number one smartphone manufacturer by shipments in the world. While the United States is home to 15 percent of the market share, China retains a whopping 40 percent of the world's smartphone shipments.

In October, Chinese search engine giant Baidu and Shouqi Limousine & Chauffeur, a car-hailing operator, announced that they were teaming up to develop driverless vehicles, the official Xinhua media service reported.

Baidu will provide Shouqi with its Baidu Map service, while Shouqi will help Baidu develop high-precision maps for self-driving cars.

Baidu will also offer software and hardware to help the new vehicles navigate using artificial intelligence technology.