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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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digitalization powers up chinas economy and global competitiveness

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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Asean

China Sustains Huge Ecommerce Development Investment Flows into ASEAN

What Asia Investment Research showed us that there were China outbound investments into several ASEAN markets, led by Singapore, and followed by Indonesia, Malaysia, Thailand, and the Philippines. Collectively, these markets saw circa 30 investments n Q3, or about 15 percent of total Chinese outbound volume. 

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ASEAN Inbound Investments from China show strong trends in developing digital trade infrastructure.

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Tourism

Chinese travellers name Thailand their ‘Recommended Travel Destination of the Year’

Thailand was the only outbound tourist destination receiving the award at the presentation ceremony in Shanghai. China is among the 63 approved countries and territories from where travellers can visit Thailand under quarantine-free entry requirements introduced on 1 November, 2021.

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Thailand has won the ‘Recommended Travel Destination of the Year’ award at the 2021 City Travel Hotel Awards organised by the Chinese magazine City Travel.

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