China has taken the lead worldwide in digital technologies, which are set to transform and create 10 to 45 percent of industry revenues by 2030, according to the latest report released by the think tank McKinsey Global Institute (MGI).

The report, titled Digital China Powering the Economy to Global Competitiveness, said China accounted for less than 1 percent of the global retail e-commerce transaction values in 2005 and the share is now 42.4 percent. The current value of China’s e-commerce transactions is estimated to exceed France, Germany, Japan, the United Kingdom and the United States combined.

Mobile payment penetration rate has increased from 25 percent in 2013 to 68 percent in 2016. Individual consumption via mobile payments totaled $790 billion in 2016, 11 times that of the US.

China’s venture capital industry is also focused on the digital world. The majority of investments are in digital technologies such as big data, artificial intelligence and financial technology companies.

In particular, China enters the top three in the world for venture capital investments in virtual reality, autonomous vehicles, robotics and drones, according to the report.

The gap between Chinese industries and more…

Source link

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You May Also Like

World Chinese Entrepreneurs Convention (WCEC) kicks off in Bangkok

The World Chinese Entrepreneurs Convention (WCEC) was first conceptualised and organised by the Singapore Chinese Chamber of Commerce & Industry to provide a forum for overseas Chinese entrepreneurs

BOI to Promote Investment Cooperation Between Thailand and China

BANGKOK (NNT) – Thailand’s Board of Investment (BOI) has expressed their readiness to promote trade and investment between Thailand and China.

Thailand’s digital economy grew by 14% in 2022

The growth is driven by changes in consumer behavior and technological advancements. The digital services sector saw the highest growth at 21%, with FinTech, Health Tech, and retail contributing to a market value of nearly 300 billion baht.