A young Chinese company built around voice-recognition technology this week announced it would soon begin marketing its smartwatch in the US, taking on Apple. It won’t just undercut Apple on price but offer a product with features that investors in the company say is as cool as Apple’s design.

For the past few decades, the US has considered itself the technological leader of the world. However, China may now be closing the gap across a variety of sectors, from drones and electric cars to data-mining and smartphones.

With questions about demand for Tesla’s electric cars and the corporate governance of Elon Musk, its founder, following the company’s purchase of SolarCity, some fund managers in Shanghai are rubbing their hands in glee. They expect BYD, the Chinese electric carmaker, to benefit.