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Silicon Valley's tech companies have a new argument in the unfolding debate over their size and power: We're better than the Chinese competition, Axios' David McCabe writes.

Expand chart
Data: eMarketer, Note: Google includes YouTube, Microsoft includes LinkedIn; Chart: Axios Visuals/Axios

The big question: How long will those companies remain second to American ones?

  • From an advertising perspective, the answer is that some of the "Big Three" in China are now growing faster in ad revenue, the primary source of income for some of the biggest American social tech companies.

Driving the news: The China Internet Report, co-authored by South China Morning Post, Abacus News and 500 Startups, shows how China's big three companies — Baidu, Tencent and Alibaba — have grown across all industries. This includes ad-based media and communication industries, like social apps, messaging and video.

Takeaways from the report:

  • The Big Three are involved in almost every sector, but success is often contingent on government authority.
  • They are empowering rural communities to become connected. For example, 78 million people in rural China read news from the three primary news apps at least once a month and 175 million short video app users are in rural China.
  • They often embrace the "social+" model, like U.S. companies, meaning they use social media functions to promote other use cases, like streaming and digital payments.

Go deeper: The report lets you filter through every investment, acquisition and self-made app being built by the "Big Three" in China.

Go deeper

Updated 1 hour ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Trump has delivered a farewell speech and departed Washington for the last time on Air Force One, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Updated 1 hour ago - Politics & Policy

Trump departs on final Air Force One flight

President Trump and his family took off on Air Force One at 9 a.m. on Wednesday morning for the final time en route to Florida.

The big picture: Trump's final hours as president were punctuated by his decisions to snub his successor's inauguration and grant pardons to many of his allies who have been swept up in corruption scandals.

Dion Rabouin, author of Markets
3 hours ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.