As internet evolves, governments' role must also do so
Andrew Sheng says protecting privacy and ensuring level playing field should be priorities
As the year comes to a close, we need to reflect on what are the most important things that have affected our lives in the recent past. In my view, the internet continues to change our world. The most significant internet event this year was not the listing of Facebook, which was priced at US$104 billion, but the revelation by Edward Snowden of the surveillance of the internet in June, which showed that Big Brother, friend or foe, is really watching.
On the plus side, Singles' Day - November 11 - garnered 35 billion yuan (HK$44.7 billion) in online sales in China. Since China already accounts for one-third of the smartphones in the world, and the country can make and sell smartphones at one-third the price of iPhones or Samsung, it is not surprising that e-commerce in China is set to overtake the US in volume, probably next year.
Online business is here to stay.
What the combination of the internet and smartphone means is that a person in the remotest part of Indonesia can sell his or her craft to buyers worldwide, and collect the payment over the smartphone.
I am amazed at the apps that are downloaded to maximise personal efficiency, and being able to share interesting news through WeChat. Free internet services are rising so fast that mobile phone company revenue from SMS text messages is slowing down.
In all of this, what is the proper role of the government?