Alibaba became a well-known name internationally when it listed in the U.S. in 2014, while Huawei has been expanding across the globe with its smartphone business. But before this, these two giants were major players in their domestic market of China, flying under the radar of the rest of the world.
And there could be "hundreds" of more companies like Alibaba and Huawei in China ready to take on the world, according to one prominent venture capitalist.
"When you look at China today, it's not what you saw in China three or five or 10 years ago. These people are able to come with products, with innovation and creating products which are better than the West in some areas," Yossi Vardi, the chairman of International Technology Ventures, told CNBC in a TV interview on Friday.
Vardi, who is often dubbed the "godfather" of Israel's technology boom, said that China has a market of 1.4 billion customers and most Chinese companies are still catering to their domestic users. But like like Alibaba and Huawei, they could soon try to expand beyond China.
"We know ... Chinese companies outside like Alibaba and Huawei. Wait a few years and you will see hundreds of Alibaba's and Huawei's after they finished to exploit the local market and they turn into the international market we are going to see something which really will be amazing," Vardi said.
China has a number of giant technology firms such as Tencent and Baidu which in recent years have begun to push out of their homeland. On top of that, the country's start-up scene is vibrant. Venture capital investment hit $31 billion in 2016, a 19 percent rise year-on-year, despite the global figure falling, according to a KPMG report released in January.
Chinese electronics maker Xiaomi and ride-hailing app Didi Chuxing are two of the most valuable start-ups in the world worth a reported $46 billion and $33.8 billion respectively, just behind Uber which is valued at around $68 billion.