Opinion | China’s digitalisation needs clear vision to succeed
- Liu Jun says that while China has made tremendous progress with its digital development, to say it’s achieved leadership would be far-fetched
Many people consider digitalisation to be the next big thing for the world’s economies, with China and the US leading the charge.
China’s digital activities have boomed over the past decade, particularly in the e-commerce space. A good example of how far China has come is Pinduoduo’s recent Nasdaq IPO, which took place only three years after the company was founded.
The rapid rise of China unicorns (start-ups with valuations in excess of US$1 billion) and rags-to-riches tales about Chinese entrepreneurs have become an overnight sensation and inspiration.
This excitement has attracted increasing global attention – and it’s not just for e-commerce. New technology innovations and the rise of artificial intelligence (AI) in particular, have proven that China is rapidly catching up with the US.
Several years ago, the consensus seemed to be that it was only within the realm of e-commerce and digital payments that China had an edge.