The term Web 3.0 was first coined by Gavin Wood, a British Computer Programmer and entrepreneur back in 2014 and encompasses now mainstreamed concepts as blockchain, decentralisation technologies, an interactive metaverse and token-based economics. China’s tech sector is a prime example of Web 3.0 in action. While shaped primarily by ‘Big Tech’, it has evolved into an environment that has enabled indigenous innovation and entrepreneurship, establishing a foundation for transition into the Web 3.0 era.

Kiran Patel, Senior Director, China-Britain Business Council

“Shougang Park is a first-class facility with a strong offer to UK companies seeking advanced dialogue and development in the digital sector. Digital transformation is predicted to be the biggest single contributor to China’s GDP growth over the next 5 years. In 2022, there was a 7.7% increase in digital inbound and outbound trade which is highly significant in the context of economic growth. Significant opportunities exist for UK tech firms to collaborate with Chinese partners and drive further development in the manufacturing, banking, healthcare, AI and robotics and agriculture sectors amongst others with their digital upgrading.”

With a key focus of the 14th 5 Year Plan advocating digitisation, specifically this has meant an increase in spending on research and development (R&D) by more than 7% annually with the ratio of basic research funding as a share of R&D rising from 6% to over 8%. It also sets out a clear intention for China to become a “manufacturing superpower” and a global leader in strategically important emerging industries and to grow the digital economy to 10% of GDP. Both the UK and China fully recognise the opportunity to harness and use data to drive economic growth while at the same time formulating approaches that put data protection and security as central to our respective data strategies for growth through a Web 3.0 driven economy.

UK Tech - A Valuable Sector with Further Room For Growth

From a valuation of $53.6 billion USD only 10 years ago, the UK’s tech ecosystem has increased by 17 times in value to $1 trillion USD today making it the third largest globally. 

By extrapolating trends from the last decade, Tech Nation projects that the UK tech ecosystem could reach a valuation of $2.6 trillion USD by 2032 with significant room for further growth. Furthermore, the UK ranks 4th worldwide in tech investment, having invested a total of $40.8 billion in the previous year highlighting the attractiveness of the UK to both partnership and investment.

How can CBBC support you?

CBBC works closely with our members and a wide range of tech clients operating across consumer, industrial and service industries to navigate market entry barriers, land softly, find business partners, and scale-up effectively in China. We provide a platform for UK companies to develop their understanding of the Chinese tech landscape and to navigate market challenges by joining our events, delegations and pitching events to meet tech investors, clients and partners, roadshows, accelerators, and tech forums. Our links and active programmes with innovation clusters and parks across China are open for you to explore. Utilise our tailored market research and training services for exploring China opportunities and connecting with potential Chinese clients, partners, and investors.

For more information, please contact Tina Tu, Sector Lead, Tech & Innovation at Tina.Tu@cbbc.org.