THOUGHTS

Digitalization Wave in the Chinese Economy

Oct 4, 2017

One of the most powerful countries in the world, the Chinese economy is set to witness growth opportunities despite of the economic downturn. China has the most dynamic market landscape driven by technology, digitalization, and extensive government support. The manufacturers in the Chinese economy are adopting digitalization to revamp their production processes and manufacturing systems. As a result, China is striving to build their infrastructural capabilities by investing in digital assets that strengthen digital work skills to achieve the overall digitalization objective. What’s driving this trend in the Chinese economy, you ask? Here’s what. The tech-savvy population, extensive government support, and strategies specific to the Chinese economy are all driving the digitalization wave.

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Extensive Government Support Drives Digitalization

The government in China is directing its efforts towards creating and developing policies that encourage the market players to adapt to the ongoing digitalization activities. As part of the digital transformation, the market players have adopted smart manufacturing and other technology-driven initiatives. The goal of the Chinese government is to build and expand its manufacturing ability over the next decade by prioritizing certain tasks. With the Made in China 2025 initiative, some of the core areas of focus that will help drive digitalization in the Chinese economy are as follows: integrating existing processes with technology, boosting local Chinese brands, driving innovation in manufacturing, and adopting green manufacturing techniques.

Tech-Savvy Population and The Chinese Economy

Besides extensive government support, the Chinese economy is also benefitting as a result of the highly tech-savvy population who have effortlessly adapted themselves to digital devices and platforms. This has boosted the entire industrial ecosystem in China including industries such as retail, manufacturing, and telecommunications. With such amazing camaraderie between the citizens and their mobile devices, connected devices, and digital platforms that are used for various functions such as mobile payments, doing bank transactions, and utility bill payments among several others; thereby creating and developing opportunities to enhance the digital economy in China market.

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