China is nearly even with the U.S. when it comes to who’s home to the most giant tech companies.

It’s got nine of the world’s top 20 tech giants, while the U.S. has got the other 11, according to this chart from Kleiner Perkins Caufield & Byers partner Mary Meeker’s annual report on internet trends.

Kleiner Perkins

The five biggest tech companies in the world today, based on market value, are Apple AAPL, +3.75% , Amazon AMZN, +2.49% , Microsoft MSFT, +2.27% , Alphabet GOOG, +1.16% and Facebook FB, +2.12% . But coming in at No. 6 is China’s Alibaba BABA, +0.50% , followed by Tencent TCEHY, -0.47% . Other Chinese companies to make the list of 20 biggest tech companies are Chinese search-engine giant Baidu BIDU, +0.02% and smartphone giant Xiaomi.

Xiaomi filed for an IPO in Hong Kong last month in what is expected to be the world’s biggest initial public offering this year. The Chinese smartphone maker is targeting a valuation of between $70 billion and $80 billion, according to people familiar with the matter.

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So what’s fueling the growth in Chinese tech companies? Meeker points to robust entertainment and retail innovation paving the way.

China’s gross domestic product growth is increasingly being driven by domestic consumption, which made up just 35% of GDP growth in 2003 vs. 62% today.

Internet usage on mobile devices is also rapidly increasing.

People are spending increasingly more time on their phones watching videos, particularly short-form videos, which are defined as videos that are less than five minutes in length.

And people in China are actually paying for online content. Online video platform iQiyi IQ, -2.14% has seen massive subscriber growth, having surpassed 50 million paying subscribers. Tencent Video last announced that it had surpassed 62 million subscribers in February.

One of the most notable differences between China’s approach to tech vs. the U.S.? Chinese internet users are far more willing to share their data. According to Meeker’s report, 38% of Chinese internet users said they would share personal data such as financial or driving records in order to receive benefits such as lower prices or personalization.