China's huge market both good and bad for local IT firms: Lee Kai-Fu

 SINGAPORE, July 9 (Xinhua) -- The huge market of China can be both a blessing¹ and a curse for local information technology firms, said Lee Kai-Fu, founder² of Innovation Works and former president of Google China.

Speaking at the FutureChina Global Forum³ in Singapore, Lee said most of the companies his venture capital firm funds are mainly exploring the domestic market.

Lee, who had also worked with companies like Microsoft and Apple, was responding to a question about whether there are an increasing number of Chinese entrepreneurs going to the overseas markets first and avoiding the domestic market in fear of being copied.

He said that it is the stereotype⁴ of China being a market of copycat is unfair, though this does happen in some areas. The reasons for some companies going directly to the overseas market is more complicated.

For some of the mobile game companies, for example, one of the reasons might be that the mobile payment is more mature in the overseas market, he said.

Lee said he was worried about the reverse problem of the huge Chinese market being both a blessing and a curse for the local IT firms. It's a blessing in that it is a huge market that is usually difficult for foreign firms, and it is a curse in the sense that, because the Chinese market is so large that it is difficult for a firm to lift itself up and go get the overseas market once it has succeeded in optimizing⁵ for the Chinese market.

"So I am quite optimistic that the companies we fund and other VCs (venture capital) fund will find success in the local Chinese market. I am less optimistic that there will be great IT brands outside China in five years' time," Lee told a big audience at the forum.

Lee delivered a speech on Monday evening on how the IT technologies have changed the lives and the way people work. The innovation in the IT sector⁶ is also drastically different from that for a traditional product like a car in that you can't try different versions of the cars out before it hits the market but you can try and optimize⁷ the IT applications.

He said the IT sector is typically more resilient than others in the economic downturn as it is easier to adjust its investment plans. Economic downturns don't prevent people from upgrading from dull phones to smart phones or from using phones just for making phone calls to using them for accessing information and reaching out to friends over the Internet.

1 blessing   

n.祈神赐福；祷告；祝福，祝愿

参考例句：

• The blessing was said in Hebrew.祷告用了希伯来语。
• A double blessing has descended upon the house.双喜临门。

2 Founder   

n.创始者，缔造者

参考例句：

• He was extolled as the founder of their Florentine school.他被称颂为佛罗伦萨画派的鼻祖。
• According to the old tradition,Romulus was the founder of Rome.按照古老的传说，罗穆卢斯是古罗马的建国者。

3 forum   

n.论坛，讨论会

参考例句：

• They're holding a forum on new ways of teaching history.他们正在举行历史教学讨论会。
• The organisation would provide a forum where problems could be discussed.这个组织将提供一个可以讨论问题的平台。

4 stereotype   

n.固定的形象，陈规，老套，旧框框

参考例句：

• He's my stereotype of a schoolteacher.他是我心目中的典型教师。
• There's always been a stereotype about successful businessmen.人们对于成功商人一直都有一种固定印象。

5 optimizing   

v.使最优化，使尽可能有效( optimize的现在分词 )；最佳化；寻优

参考例句：

• This model may be classified as either an optimizing model or simulation model. 这个模型可分为最佳化模型或模拟模型。 来自辞典例句
• Need to design crossover operator rationally while optimizing ANN. 优化网络需要合理设计交叉算子。 来自互联网

6 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

7 optimize   

v.使优化 [=optimise]

参考例句：

• We should optimize the composition of the Standing Committees.优化人大常委会组成人员的结构。
• We should optimize our import mix and focus on bringing in advanced technology and key equipment.优化进口结构，着重引进先进技术和关键设备。