Corporations are said to help pave the way in issues such as breaking national and innovative boundaries, according to Ren Xue’an, the chief director for an award-winning documentary, the Power of Corporation.

The documentary is a one-of-a-kind production, chronicling the creation of corporations. Through producing and writing for the show, Ren has discovered just how companies have been shaping how societies function, performing roles that exceed the reach of the government.

“What really is the power of corporations? I think it is how corporations drive innovation and create things never seen before, such as the creation of nylon, aspirin and even toilet seats. Companies created all of these, which have changed human society.” He said.

Some scholars have been saying that the world is flat in the 21st century, and Ren thinks companies are the reason why the world is so - because when a company arrives at a place, it breaks boundaries. To Ren, the power of corporations can also be interpreted as the power of the markets.

In China, companies have been playing an important role in changing people's lives with innovation. Almost half of the Chinese population now use Alipay, and Ant Financial - the operator of Alipay - quickly gained a lot of  loyal customers through a simple technology that was not previously used often in payment systems: Quick Response (QR) codes

“Ant Financial chose the QR code in 2011 because we saw great potential in using this technology to make financial services more inclusive. The benefit of a Quick Response code is that anyone with a smart phone, regardless of brand or specification, can scan a QR code with relative ease," said Shen Le, the spokesperson for Ant Financial.

Ant Financial is also expanding its offerings to allow people to report taxes, pay utilities, and even get micro loans on its mobile apps, saving people a lot of time.

And now China’s mobile payment industry is even leading the sector on a global scale. Ant Financial is building local partnerships in countries such as India, Thailand and the Philippines, as well as making its Alipay services available in over 40 different countries and regions.

“Obviously, we do not have a company like Coca Cola. In the industrial world we do not have a General Electric. So I think Chinese innovators, in a large part of the foreseeable future, would probably not be a pioneer in a lot of fundamental technology but Chinese innovators are very good at adapting and amplifying the existing, and improving it to become something more functional.” Said Tiger Shan, partner at PwC’s Strategy&. 

Other Chinese firms, including cellphone maker Huawei and automaker the Great Wall, are also keen on global expansion. Experts say that while Chinese firms are still relatively weaker in terms of global influence, they are finding ways to create things to compete internationally.