The Chinese economy influence global economy is indisputable now.
One of the leading economies, Chinese label “Made in China” made the country the largest manufacturer in the world. And it has led the way in developing innovative processes that have fundamentally transformed production and supply chains. But China is changing.
And a new lexicon may be in order: Digitized in China.
There are more social sites in China than any other country in the world. Chinese consumers use these sites to share, shop and consume in totally new ways. Talking has taken a back seat to texting. Wallets have been replaced by mobile devices. Hailing cabs is now done online.
Digital technologies are enabling innovation that is not only reshaping our personal lives but redefining entire industries. And China is at the forefront of many of them.
Over the next year, this digital transition will accelerate. And China will lead the way. Here are three things you can expect:
1. The Business and Consumer Worlds will Collide
Companies across China are looking for ways in which they can run faster, simpler and smarter. Much like the social applications and networks that consumers use to manage their personal business, Chinese companies will tap into cloud-based applications and business networks to digitize their operations and manage everything from buying and selling to managing cash in a more efficient and effective manner.
2. The Universe will Get Bigger
Empowered by the easy and borderless collaboration that networks enable, Chinese companies will scale their operations and open new worlds of opportunities. In support of the One Belt and One Road initiative, corporate buyers will discover, connect and collaborate with a global network of partners to expand beyond sourcing materials locally. And suppliers will connect with profitable customers globally who are increasingly doing business online, opening new markets and revenue streams.
3. The Chinese Economy will Diversify
Chinese companies will leverage the massive investments the government is making in the building blocks of the Internet economy such as cloud computing, wireless communications, new digital platforms, big data analytics and the Internet of Things alongside business networks to fuel the next generation of smart manufacturing. Driven by more efficient, flexible and sustainable processes, companies will stimulate domestic demand growth and reduce the country’s reliance on exports, creating a more balanced economy.
Technology and networks have fundamentally altered the way we live and work. China has been instrumental in this digital transformation. And it will continue to drive it through investments in innovations that push the limits of what is possible and change the way business gets done.
[Based on the article by Gareth Bowen]