The world is young domestic firms' oyster

Lei Jun, chairman and CEO of Xiaomi, said "cracking the high-end market is the only way for Xiaomi to grow" and has described it as "a battle of life and death".

The Beijing-based company is working hard to sharpen its technological strength in areas like mobile imaging and AI. Its AI research since July 2016 encouraged it to set up a team in April 2023 to research and develop AI large language model, a key technology behind generative AI applications such as ChatGPT. Xiaomi now has over 3,000 employees working on AI-related research.

BYD (an abbreviation for Build Your Dreams), which dethroned Tesla as the world's best-selling EV-maker in the fourth quarter of 2023, is also working to expand its global presence.

In March, it surpassed Tesla's China branch in terms of NEVs exported from the country. BYD exported more than 38,000 vehicles, followed by Tesla China's 27,000, according to data from the China Passenger Car Association. BYD models have entered 78 countries and regions, including Japan, Germany and Australia.

The Chinese automaker has promoted new energy buses and taxis in international markets under its strategy of promoting the electrification of urban public transportation. The strategy has been implemented in more than 400 cities in over 70 countries and regions.

"The current era presents the best opportunities for Chinese companies to go global, because our infrastructure is among the best in the world, our supply chain system is the most comprehensive, and our scientific and technological talent pool is on a par with the most advanced technology in the world," Quan of Roborock said.