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…
Will Myanmar’s coup help China influence ASEAN?
The Myanmar crisis is becoming increasingly tragic, with the military’s use of lethal force now killing over 60 protestors.
Rapid growth in China post-COVID makes it ripe for investment
Being “first in and first out” of COVID-19, China is the only country among the G20 that is thought by the Organisation for Economic Co-operation and Development (OECD) to have increased GDP in 2020.
In January 2020 as the world began to learn of COVID-19, many market observers predicted a challenging year for Asia. While there continue to be headwinds from the health and economic crisis, Asia, and China in particular, has demonstrated comparatively advantageous resilience.
Mainland China is in no position to take Taiwan by force
Unlike his predecessors, Chinese President Xi Jinping has demonstrated greater intensity in the desire for reunification.
The situation across the Taiwan Strait has seemed to be on the brink of crisis since 2018. Beijing has sent numerous sorties of military aircraft to conduct exercises near Taiwan and frequently crossed the median line of the Taiwan Strait.
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