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The Rise of China's New Economy Titans in Seven Simple Charts
- The rise of the new economy is underpinned by the middle class
- Tech Inc. has displaced the state as economic driving forces
QuickTake: China's 'One Belt, One Road' Policy
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Tencent Holdings Ltd. and Alibaba Group Holding Ltd. have become China’s largest corporations in just the past year, displacing the state-run banks and oil-gas behemoths that sat atop the charts for a decade or more.
Their rapid ascent encapsulates a fundamental change gripping the world’s second largest economy. China is shifting away from a reliance on debt-fueled smokestack industries toward services and consumption. Policy-makers have vowed to prioritize creating jobs, as employment and income growth sustain that transition and help a growing middle class pursue pricier products.