From high-tech unicorns to specialty chemicals, the country's economy is moving swiftly beyond its lower-margin roots. The Chinese are now the world's most avid online purchasers of goods and services, which they are likely to pay for with a mobile device. The deepening digital ethos reflects a broader consumerization of the Chinese economy. These trends are creating fertile grounds for digital start-ups while also transforming traditional industries such as specialty chemicals as they supply materials for advanced industries and higher-margin consumer goods. Global companies in China should ensure that they're not competing for yesterday's markets.

Machine learning and artificial intelligence are all the rage today in venture capital circles. We've seen spectacular exits in the past few years, from Google absorbing Deepmind in 2014 for $500 million, to Twitter buying TellApart in 2015 for $533 million, and Intel swallowing Nervana in 2016 for $400 million. But these were all IT plays. Berkeley-based Lygos is engineering and designing microbes that convert low-cost sugar into high-value, specialty chemicals. Ultimately, the ability to design and optimize microbes, or program them, is becoming faster and cheaper than ever before.

Machine learning and artificial intelligence are all the rage today in venture capital circles. We've seen spectacular exits in the past few years, from Google absorbing Deepmind in 2014 for $500 million, to Twitter buying TellApart in 2015 for $533 million, and Intel swallowing Nervana in 2016 for $400 million. But these were all IT plays. Berkeley-based Lygos is engineering and designing microbes that convert low-cost sugar into high-value, specialty chemicals. Ultimately, the ability to design and optimize microbes, or program them, is becoming faster and cheaper than ever before.