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Laura Zhou

The internet has become a significant player in the national economy, a senior leader told the inaugural World Internet Conference, being hosted by China's cyberspace regulator.
Internet commerce grew 18 per cent in the first three quarters of the year to 1.9 trillion yuan (HK$2.4 trillion), Vice-Premier Ma Kai said at the opening ceremony in Wuzhen, Zhejiang province, yesterday.
As Ma addressed an audience that included the leaders of the nation's major internet firms, a small group of protesters outside called for more freedom. "China Open Google, Facebook, Twitter, YouTube, 64tianwang and other sites," one banner read.
"The internet is a double-edged sword," Ma said. "It can open Ali Baba's treasure cave if it is wielded well. If not, it will open Pandora's box."
Ma said the market value of listed internet companies on the mainland had exceeded 3.95 trillion yuan, while four companies - Alibaba, Tencent, Baidu and JD - were among the world's top 10.

Consulting firm McKinsey's Bruno Roy said the contribution of economic activities associated with the internet to the Chinese economy surpassed that of developed nations such as the United States and Germany. The "internet economy" accounted for 3.3 per cent of China's GDP in 2010 and 4.4 per cent in 2013, one of the world's highest, Roy said.
Ma promised to make better use of the internet to attract more traditional industries to harness its potential, and to promote innovation, government transparency, cultural exchanges and to improve public services.
Ma called for broader cooperation on internet infrastructure, which would become "a key investment" in the China-led Asia Infrastructure Investment Bank and New Silk Road Fund, Beijing's initiative to boost regional connectivity and economic ties.
Lu Wei , China's internet tsar, has called for global consensus on a democratic and transparent system for global governance of the web. The three-day conference is seen as Beijing's attempt to outline its alternative vision for the internet's future.
 
 


Internet a key driver of economy, Vice-Premier Ma Kai tells global conference

Delegates attend the opening ceremony. Photo: Xinhua

Lu Wei opened the World Internet Conference in Wuzhen with the country's biggest Internet companies in attendance alongside a sprinkling of foreign executives and officials. Photo: AFP

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A man plays a computer game at an internet cafe in Beijing. Photo: Reuters

Promotional models use smartphones during break at Global Mobile Internet Conference in Beijing in May 2014. Photo: Reuters

Sony's Tokyo headquarters. The company has been affected by the EdgeCast block, according to GreatFire.org. Photo: Reuters

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An internet cafe in Taiyuan in Shanxi province. Western observers fear China's vision for the web is more censorship. Photo: Reuters

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China

The internet has become a significant player in the national economy, a senior leader told the inaugural World Internet Conference, being hosted by China's cyberspace regulator.
