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China has firmly established itself as a global leader in consumer-oriented digital technologies. It is the world's largest e-commerce market, accounting for more than 40 percent of global transactions, and ranks among the top three countries for venture capital investment in autonomous vehicles, 3-D printing, robotics, drones, and artificial intelligence. China's impressive progress in the digital economy are internet giants like Alibaba, Baidu, and Tencent, which are commercializing their services on a massive scale, and bringing new business models to the world. Together, these three companies have 500-900 million active monthly users in their respective sectors. China leads the world in some sectors, from live streaming (one example is Musical.ly, a lip-syncing and video-sharing app) to bicycle sharing (Mobike and Ofo exceed 50 million rides per day in China, and are now expanding abroad).Most important, China is at the frontier of mobile payments, with more than 600 million Chinese mobile users able to conduct peer-to-peer transactions with nearly no fees.
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