China’s internet companies are spurring growth by transforming online business models, said this year’s internet trends report by venture capitalist Mary Meeker.

China has solidified its position as the world’s largest online population, at 21% of the global internet users, though it lags the US and other Western countries in internet penetration rates.

But the market capitalization rates of Chinese companies have seen less year-on-year growth than other leaders on the list.

Alibaba grew the most, jumping 106% but still falling short of Netflix at 366% and Microsoft at 146%.

US banking behemoth Citibank said Wednesday that it was looking to Asia, particularly Ant Financial, to build a digital strategy for the future.

Platforms that began as single function are evolving into one-stop “super apps,” including life services platform Meituan.

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