Ahead of its time: Chinese tech

https://espresso.economist.com/5276818eded29a652edfb6a40c9308c4 -- Dec 20th 2018

Ahead of its time: Chinese tech

This week, Espresso is publishing its year-in-review editions. Today, economics​

The technology industry is the crowning glory of America’s economy, supporting 7m well-paid jobs at home, and allowing America to set standards globally.

• crowning glory 至高荣耀；无上的光荣
• set standards 设立标准

Silicon Valley generates almost $200bn of profits from abroad each year.

But China’s technology industry has been catching up far faster than expected.

• catch up 赶上

Yes, China still has huge weaknesses.

• weaknesses n. 弱点；劣势

Its tech firms’ investment budgets pale in comparison with those in America, they generate relatively little revenue abroad, and are puny in semiconductors and business-related software.

• pale beside/next to sth|pale in/by comparison (with/to sth)|pale into insignificance 相形见绌；显得逊色
• puny adj. 弱小的；孱弱的；不起眼的；可怜的

But, China is now approaching parity on the most forward-looking measures.

• parity （尤指薪金或地位）平等；（两国货币的）平价

Its e-commerce and mobile payments industry is now bigger than America’s.

• mobile payment 移动支付；手机支付

Its universe of “unicorns” (unlisted firms worth over $1bn) is almost as large, as is its venture-capital sector.

Both are proxies for China’s ability to produce tomorrow’s e-titans.

• titan 巨人

At its present pace, China is still 10-15 years away from reaching tech parity with America.

• away from 距离……

But American tech firms should take heed now.

• take heed 留意；注意；听取

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