8 Chinese industries taking on global players

With China's rapid growth in recent years, it has proved to the world that it is turning from a factory to an innovation powerhouse.

An article on Forbes magazine's website has listed eight industries in China that are doing a better job than more established competitors in other parts of the world.

Let's take a look at the eight innovative industries in China that are outperforming foreign competitors.

No 8 DNA sequencing

According to Forbes, Beijing Genomics Institute, a biotech firm based in Beijing, is largely responsible for reducing the cost of DNA sequencing. And this firm accounts for about half of the world's global genetic sequencing capacity.

A Chinese staff member uses his mobile phone at the stand of BGI during a fair in Shenzhen city, South China's Guangdong province, Nov 16, 2011. [Photo/IC]