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Digitalization powers up China’s economy

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

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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…

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China

GM sells Thai factory to Chinese automaker GWM

After 20 years of operation in Thailand, General Motors will cease its activities, and resell its factory to the Chinese manufacturer Great Wall Motors

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General Motors (GM) announced it will stop selling Chevrolet vehicles in Thailand and sell its Rayong plant to Great Wall Motors (GWM) by the end of this year.

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Banking

Governments most exposed to coronavirus have strong fiscal and external buffers

Moody’s baseline assumption is that the economic effects of the outbreak will continue for a number of weeks, after which they will tail off and normal economic activity will resume.

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As measures to contain the coronavirus and fear of contagion hit consumption and production, downside risks to our GDP growth forecast for China (A1 stable) have increased., says Moody’s Research Announcement.

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China

In China, an Unprecedented Economic Transformation

China has been undergoing an economic transformation unlike any other on the planet through an Industrial Revolution, urbanization, and an information age o experiencing all three simultaneously.

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HONG KONG, Dec 19, 2019 – (ACN Newswire) – Lei Zhang’ 02 is investing in Chinese companies during an extraordinary moment in history, he told students at Yale SOM.

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