A columnist recently described China's technology hub called Silicon Dragon as a major force in the international tech industry. Silicon Dragon is slowly turning into a massive technological force that could easily rival giants like Facebook and Google.

The comment was made by Fairfax Media columnist Michael Smith. According to Financial Review, the columnist said that the Silicon Dragon tech hub, which is based in Shenzhen, is China's own Silicon Valley. Smith claimed that China's tech industry is significantly bigger compared to that of Australia.

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Evidence to this growing tech hub in China is the presence of 14 privately owned companies, all of which are individually valued at more than $10 billion. Just like many growing tech industries, China is looking to boost its domestic market and at the same time make major investments into international firms.

Huawei executive James Ping said that the boom in Shenzhen's tech growth can be traced back to the Chinese government's willingness to give corporations incentives such as tax breaks, an incentive that has so far attracted many international firms.

In a statement, an unnamed Australian government official said, "You will see government efforts to encourage innovation and entrepreneurship. What a lot of business people here like is that Shenzhen is a city where there is a recognition that businesses will do well but that some will fail."

Not only tech companies are cashing in on the success of the Silicon Dragon hub, major banks are also investing in the lucrative tech market. Recently, major banking firm HSBC launched a WeChat banking app that allows its customers to transfer money in just a matter of seconds.

Tagschina, China Tech, China tech industry, Silicon Valley, Silicon Dragon