The technological companies of the EE. UU Win the R & D spending race with China
The technological companies of the EE. UU Win the R & D spending race with China
US companies, led by
Amazon.com
Inc.
AMZN 4.42%
and Google's father, Alphabet Inc., invested more than $ 5 in R & D for every $ 1 spent by Chinese companies, according to a new report from PricewaterhouseCoopers LLP, which recorded the top 1,000 spenders among companies listed on bag. The PwC report followed the year that ended June 30.
Giants of Chinese technology
Baidu
Inc.,
BIDU 3.65%
Tencent Holdings
Limited.
TCEHY 6.12%
Y
Alibaba Holding Group
Limited.
SLIME 4.36%
: Each one spent less than at least 44 other companies, including
Panasonic
Corp.
PCRFY -3.44%
, the Japanese conglomerate of industrial and consumer electronics.
The disparity reflects a focus on innovation by Chinese companies over the past decade in which they excel in "applications of existing technology, rather than original research," said Edward Tse, executive director of Gao Feng Advisory Company, which Advises Chinese and foreign companies. He cited mobile payments and messaging applications as examples.
However, the PwC figures do not include private companies, which leaves out China's state monoliths and closely maintains Huawei Technologies Co., the world's largest telecommunications equipment manufacturer. Huawei said he spent more than $ 13 billion on R & D last year.
Future bets
The United States remains the largest research and development expense among listed companies, although China is closing the gap.
R & D expenditure of the 1,000 most important companies.
For country
Companies based in the United States represented $ 329 billion of a record $ 781.8 billion in R & D expenses accounted for by PwC for the year ended June 30. Although Chinese investment in R & D reached $ 61 billion, in 2010 that figure was only $ 7 billion, PwC said. Currently, 145 Chinese companies are among the 1,000 companies that spend the most on R & D, compared to 14 a decade ago.
The increase in spending reflects pressures on Chinese companies to present local innovations, particularly in artificial intelligence, 5G and autonomous vehicles, said Mr. Tse.
"The gap between the US and China is closing and continues to close," said Barry Jaruzelski, the lead author of the report that leads PwC's industrial products practice in the US. UU "It would not be a shock if the lines crossed over the next 10 years."
Among China's biggest R & D spenders, Alibaba spent $ 3.6 billion and internet giant Tencent invested $ 2.7 billion. In comparison, Amazon, which spent most of any publicly traded company, invested $ 22.6 billion in R & D, 40% more than the previous year. The father of Google Alphabet spent $ 16.2 billion.
Deeper pockets
US technology companies spend much more than their Chinese counterparts in research and development, due in part to their higher revenues.
The giants of Silicon Valley have higher incomes than their Chinese counterparts, so the gap in R & D spending is narrower when those investments are measured as a percentage of sales.
The wide range of Amazon businesses requires significant investments in R & D, for robots working in warehouses and drones. In September, the company announced a package of 15 new or updated devices that could be powered by its Artificial intelligence assistant, Alexa. The company is also using virtual reality to allow consumers on their traditional shopping website to see items in their own home.
Alfabet, meanwhile, has been spending to develop its engineering talent, particularly in AI. Financial director Ruth Porat said at a earnings conference last week that research and development was the company's biggest driver of increased operating expenses.
Last year, Tencent opened its first artificial intelligence laboratory based in the USA. UU In Seattle, led by a former
Microsoft
Corp.
Researcher specialized in speech recognition. The new facility complements an existing AI laboratory at its Shenzhen headquarters, which has more than 200 engineers and 50 AI scientists.
"Made in China 2025" is Beijing's industrial plan to dominate high-tech industries, including robotics, the aerospace industry and computer chips. The Trump administration maintains that China is using the plan to give its technology companies an unfair advantage over its foreign rivals. But what is it exactly?
Alibaba said recently that it would establish a dedicated unit to develop its first AI chip, which would be used in automatic driving cars or smart cities.
Amazon and Alphabet declined to comment, as did Baidu and Alibaba. Tencent said he could not comment before his earnings report on November 14.
A broader measure of global R & D spending, published in a report this year by the National Science Board, based in Alexandria, Va., Said investments in China were roughly four fifths of those in the US. UU
PwC researchers say they have not found a correlation between investment and innovation. The results show that the technology industry is a central driver of R & D spending, since it represents almost $ 2 of every $ 5 spent worldwide.
Some of the lower R & D spending of Chinese technology giants can be explained by their relative youth compared to their rivals in Silicon Valley, with their operations and larger global budgets, experts in the technology industry say.
Alibaba, Tencent and other major Chinese firms, more than their US counterparts, have tried to innovate by acquiring instead of conducting internal investigations, said Sabrina T. Howell, assistant professor of finance at the Stern School of Business at the University of New York. York researching American and Chinese innovation.
"Part of what you see in R & D is the outsourcing of innovation in China," he said.
Another factor is the difference in purchasing power for research and development dollars in the two countries, especially when it comes to hiring scientists and engineers.
China produced 4.7 million graduates in science, technology, engineering and mathematics in 2016, more than eight times more than 568,000 in the US. UU., According to the World Economic Forum.
"When you spend a million dollars, how many scientists do you get?" Said Mr. Jaruzelski. "I would get more Ph.D.s in China than I would in the US."
-Laura Stevens, Douglas MacMillan and Shan Li contributed to this article.
Write to Timothy W. Martin in timothy.martin@wsj.com
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