GENEVA — China’s rate of innovation is rapidly accelerating, cementing the country’s position as a global leader in the tech industry, according to Paddy Cosgrave, CEO and co-founder of the Web Summit.
In a recent interview with Xinhua, Cosgrave highlighted that despite a decline in venture capital investment globally, Chinese startups continue to thrive and drive technological advancements. “China continues to set the agenda,” he said, adding, “China is a major leader in the 21st century, it’s clear.”
Cosgrave’s comments came after the conclusion of this year’s Web Summit in Lisbon, which attracted over 70,000 attendees from 153 countries. The event brought together business leaders, investors, entrepreneurs, and media to discuss emerging technology trends.
Referring to a report by the Australian Strategic Policy Institute, Cosgrave noted that China now leads in 57 of 64 critical technologies from 2019 to 2023, a significant increase from just three during the 2003-2007 period. “The rate of innovation in China is just accelerating, even faster than ever before,” he said.
Looking ahead, Cosgrave shared plans to expand the Web Summit’s geographical reach, with hopes of holding events in Africa before 2030 and in Asia as well. The Web Summit currently organizes five major tech conferences worldwide, in Lisbon, Toronto, Rio de Janeiro, Doha, and Hong Kong.