China's Emerging Financial Markets Challenges and Global Impact

China over the last decade has experienced high levels of economic growth and consequently there has been an explosion of growth in the Smartphone mobile Industry with China becoming the largest smartphone mobile market in the world and recently the largest producer of smartphones, producing 224 million smartphone units in 2012. This essay aims to examine how China has become an important player in the Smartphone Market. In the context of this essay it is important to define innovation and globalisation as these two words have helped to shape the Chinese smartphone industry, turning China into a serious competitive player in this growing industry. Innovation is defined as “the process of making changes to something established by introducing something new that adds value to customers and contributes to the knowledge store of the organization” Whilst Globalisation in the context of innovation is defined as “the increased international integration of economic activities and the raising importance of knowledge in economic processes”. It is clear that Chinese companies have been able to develop an established idea such as the Smartphone and make themselves leaders in the production of the hardware. The smartphone industry has become an important engine of growth for the economy, with the smartphone users in China set to double by the end of 2013 to 500million. Leading Chinese Mobile Phone makers such as ZTE and Huawei are making inroads into the mature Western markets at the same time cementing their position as some of the largest players in the Chinese Smartphone market, occupying three out of the top five slots for Smartphone manufacturers. It is clear Chinese Smartphone makers are able to produce their phones at a much cheaper cost than foreign companies, with the cost of processor chips falling greatly in price helping to reduce production costs. This essay examines how China has become a competitive and innovative global player in Smartphone production, examines

Bibliography: Xinhua. (2013). China becomes world 's top smartphone producer. Available: http://www.chinadaily.com.cn/business/2013-01/17/content_16129793.htm. Last accessed 17th January 2013. O 'Sullivan, D and Dooley, L. (2009). Understanding Innovation. In: Foster, D and Peschke C Applying Innovation. California: Sage Publications. p4-6. Archibugi, D and Iammarino, S. (2002). The globalization of technological innovation: definition and evidence. Review of International Political Economy. 1 (1), 100-101. Pingting, X. (2011). China overtakes US as top smartphone market.Available: http://www.chinadaily.com.cn/bizchina/2012smartphone/2011-11/24/content_15483432.htm. Last accessed 15th January 2013. Lee, K F. (2012). The Growth Of China 's Smartphone Market Is Absolutely Staggering. Available: http://www.businessinsider.com/the-growth-of-chinas-smartphone-market-2012-11. Last accessed 17th January 2013. Reuters. (2012). Apple 's Share of China Smartphone Market Drops 50%. Available: http://www.cnbc.com/id/48775152. Last accessed 17th January 2013. Yang, L. (2013). MediaTek’s chips transforming China’s smartphone market. Available: http://www.taipeitimes.com/News/biz/archives/2013/01/13/2003552387. Last accessed 17th January 2013. Jingting, S. (2012). China has 1.06b mobile phone accounts. Available: http://www.chinadaily.com.cn/business/2012-08/28/content_15713316.htm. Last accessed 17th January 2013. Hidary, J. (2013). China 's Smartphone Boom Has Huge Global Impact. Available: http://www.thefiscaltimes.com/Articles/2013/01/16/Chinas-Smartphone-Boom-Has-Huge-Global-Implications. Last accessed 17th January 2013. Mobithinking. (2012). Global mobile statistics 2012 Part A: Mobile subscribers; handset market share; mobile operators. Available: http://mobithinking.com/mobile-marketing-tools/latest-mobile-stats/a#smartphone-shipments. Last accessed 18th January 2013. Limin, C. (2013). Number of mobile Internet users rises. Available: http://usa.chinadaily.com.cn/epaper/2013-01/16/content_16125854.htm. Last accessed 17th January 2013. Pingting, X. (2011). China overtakes US as top smartphone market.Available: http://www.chinadaily.com.cn/bizchina/2012smartphone/2011-11/24/content_15483432.htm. Last accessed 15th January 2013. Einhorn, B. (2013). In China 's Smartphone Market, Lenovo Gets Busy. Available: http://www.businessweek.com/articles/2013-01-03/in-chinas-smartphone-market-lenovo-gets-busy#p1. Last accessed 17th January 2013. Ford, E. (2013). Apple seeks bigger bite of Chinese smartphone market. Available: http://www.thetimes.co.uk/tto/business/industries/technology/article3652479.ece. Last accessed 17th January 2013. Daltorio, T. (2013). The China Smartphone Brand That 's Beating Apple. Available: http://moneymorning.com/2013/01/16/the-china-smartphone-brand-thats-beating-apple-nasdaq-aapl/. Last accessed 17th January 2013. Alan F. (2012). Chinese smartphone sales expected to have surged 137% higher this year. Available: http://www.phonearena.com/news/Chinese-smartphone-sales-expected-to-have-surged-137-higher-this-year_id38064. Last accessed 17th January 2013. Jingting, S. (2012). Samsung to cash in on entry-level smartphone sector. Available: http://www.chinadaily.com.cn/bizchina/2012-05/12/content_15276304.htm. Last accessed 17th January 2013. Reuters. (2012). The New York Times. Available: http://www.nytimes.com/2012/07/12/business/global/china-a-rare-earths-giant-set-to-start-importing-the-elements.html?_r=0. Last accessed 17th January 2013. Yap, J. (2012). China smartphones risk IP disputes. Available: http://www.zdnet.com/china-smartphones-risk-ip-disputes-2062304497/. Last accessed 17th January 2013. Einhorn, B. (2012). China 's Smartphone Makers Profit From Low-Cost Chips. Available: http://www.businessweek.com/articles/2012-12-13/chinas-smartphone-makers-profit-from-low-cost-chips. Last accessed 17th January 2013. Einhorn, B. (2013). In China 's Smartphone Market, Lenovo Gets Busy. Available: http://www.businessweek.com/articles/2013-01-03/in-chinas-smartphone-market-lenovo-gets-busy#p1. Last accessed 17th January 2013 Brown, K Duhigg, C and Lohr, S. (2012). The Patent, Used as a Sword. Available: http://www.nytimes.com/2012/10/08/technology/patent-wars-among-tech-giants-can-stifle-competition.html?pagewanted=all. Last accessed 17th January 2013.. [ 2 ]. O 'Sullivan, D and Dooley, L. (2009). [ 3 ]. Archibugi, D and Iammarino, S. (2002) [ 4 ] [ 5 ]. Yang, L. (2013) [ 6 ] [ 7 ]. Hidary, J. (2013) [ 8 ] [ 9 ]. Limin, C. (2013). [ 10 ]. Pingting, X. (2011). [ 11 ]. Einhorn, B. (2013). [ 12 ]. Ford, E. (2013). [ 13 ]. Daltorio, T. (2013) [ 14 ] [ 15 ]. Jingting, S. (2012). [ 18 ]. Trefis Team. (2012). [ 19 ]. Reuters. (2012). [ 20 ]. Yap, J. (2012). [ 21 ]. Einhorn, B. (2012). [ 22 ]. Einhorn, B. (2013). [ 23 ]. Brown, K. (2011). [ 24 ]. Duhigg, C and Lohr, S. (2012).