【文章预读】

Start with Chinese tech’s weak spots. Its total market value is only 32% of the figure for America’s industry. While there are two huge companies and lots of small ones, there are relatively few firms worth between $50bn and $200bn. China is puny in semiconductors and business-facing software. Tech products do not yet permeate the industrial economy: Chinese non-tech firms are relatively primitive and only 26% as digitised as American ones.

As for investment, Chinese tech’s absolute budget is only 30% as big as that of American tech. And it is still small abroad, with foreign sales of 18% of the total that American firms make. Apple rakes in more abroad in three days than Tencent does in a year.

The gap gets much smaller, however, when you look at the most dynamic parts of the tech industry. In the area of e-commerce and the internet, Chinese firms are collectively 53% as big as America’s, measured by market value. China’s unicorns, a proxy for the next generation of giants, are in total worth 69% of America’s, and its level of VC activity is 85% as big as America’s based on money spent since 2016. There is now a rich ecosystem of VC firms buttressed by Alibaba and Tencent, who seed roughly a quarter of VC deals, and by government-backed funds-of-funds.


【文章精讲】

Start with Chinese tech’s weak spots. Its total market value is only 32% of the figure for America’s industry. While there are two huge companies and lots of small ones, there are relatively few firms worth between $50bn and $200bn. China is puny in semiconductors and business-facing software. Tech products do not yet permeate the industrial economy: Chinese non-tech firms are relatively primitive and only 26% as digitised as American ones.
总的结论是，中国仍旧落后于美国。从各项指标的中值来看，中国科技产业的实力相当于美国的42%，但正在快速追赶。2012年时这个数字还只是15%。先来看中国科技产业的短板。中国该产业的总市值只相当于美国科技产业的32%。中国虽然有两家巨头公司和大量小公司，但市值在500亿至2000亿美元的公司相对较少。中国在半导体及商用软件领域的实力十分微弱，科技产品也尚未渗透到行业经济之中：中国的非科技公司相对比较原始，数字化程度只相当于美国非科技公司的26%。

puny adj.弱小，微不足道的
semiconductor n.半导体
permeate v.渗透，普及
primitive adj.原始的，落后的

As for investment, Chinese tech’s absolute budget is only 30% as big as that of American tech. And it is still small abroad, with foreign sales of 18% of the total that American firms make. Apple rakes in more abroad in three days than Tencent does in a year.
在投资方面，中国科技产业的绝对预算只有美国科技产业的30%，而且在海外的业务规模仍旧较小，海外销售额只有美国科技公司海外销售总额的18%。苹果在海外三天里赚到的钱比腾讯在海外一年赚到的都多。

rake v.快速聚集或获取
-rake in 赚快钱
-rake in a fortune

The gap gets much smaller, however, when you look at the most dynamic parts of the tech industry. In the area of e-commerce and the internet, Chinese firms are collectively 53% as big as America’s, measured by market value. China’s unicorns, a proxy for the next generation of giants, are in total worth 69% of America’s, and its level of VC activity is 85% as big as America’s based on money spent since 2016. There is now a rich ecosystem of VC firms buttressed by Alibaba and Tencent, who seed roughly a quarter of VC deals, and by government-backed funds-of-funds.
不过从科技产业最具活力的部分来看，两者间的差距已大幅缩小。在电子商务和互联网领域，以市值衡量，中国公司的总体规模相当于美国的53%。中国独角兽公司（衡量是否会出现下一代巨头公司的指标）的总市值相当于美国的69%。从2016年之后的投资规模来看，中国的风投活跃度已相当于美国的85%。阿里巴巴和腾讯几乎主导了四分之一的风投交易，在这两家公司以及有政府背景的组合型基金的扶持下，众多风投公司如今已构成了一个丰富的生态系统。

dynamic adj.有活力的
collectively adv.共同地
unicorn n.独角兽
proxy n.代表
ecosystem n.生态圈
buttress v.支持，巩固
seed v.播种，培养
a quarter of 四分之的…
funds-of-funds 组合型基金


【推荐句式表达】

1.rake in
2.be buttressed by