Not so fast, says China watcher and India Today correspondent Ananth Krishnan.

CNN: Can China catch up with India in 'space race'?

Until 2007 regulation was rather lax, allowing start-ups to dominate the industry, notes Bill Bishop, a longtime China-watcher.

ECONOMIST: Chinese internet companies

Figures quoted by the noted China-watcher James Mann in his book About Face showed that Japanese companies increased their share of many key Chinese markets at the expense of US and European rivals in the early 1990s.

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