There is no shortage of evidence to prove China's greatness in the global context. However, much is yet to come: this power has also stood out in recent years as the global leader in investments in innovation and the most modern technologies. The largest country in East Asia. The most populous in the world, with over 1.4 billion inhabitants. The second largest economy in the world and the first place in the export ranking. There is no shortage of evidence to prove China's greatness in the global context. However, much is yet to come: this power has also stood out in recent years as the global leader in investments in innovation and the most modern technologies.
To give you an idea, China is the first in the consumer-focused digital economy, with more than 700 million people connected and 52% of internet reach – figures that represent the largest number of online users on the planet. Currently, 168 million people living in the Asian country already use 5G connections in their daily lives, technology that is available in 13 local cities.
These are just a few examples of the effects that digital transformation is having on the country, a movement that has been led by the government through an innovation support plan that includes a proactive kuwait email list policy regarding the digital sector. Known as “Made in China 2025”, it is facilitating the flow of billions of dollars to transform the country into a technological industrial powerhouse.
Is the plan working? Draw your own conclusions: the country accounts for 42% of global e-commerce, has a third of the world's most successful tech startups and makes 11 times more mobile payments per year than the United States.
According to the report “Artificial Intelligence: implications for China”, produced by McKinsey, it is estimated that the artificial intelligence technology that has been invested in the country could add 0.8 to 1.4 percentage points to the annual growth of China's GDP (Gross Domestic Product).
Inspiration for innovative companies
China is one of the most vibrant markets in technology. Companies such as Alibaba, Baidu, We Chat, Xiaomi, Didi Chuxing, among others, are thriving and reaping exceptional results by innovating in technology, products, services, artificial intelligence and digital payments.
For example, Alibaba, a group of companies whose businesses are based on e-commerce and include B2B websites, retail sales and online payments, sold the equivalent of 30 billion dollars in one day. And according to a survey conducted by Cisco, 89% of Chinese respondents said they use independent shopping apps on a smartphone at least once a week. In the United States, only 34% of respondents reported making such purchases with this frequency.
However, such encouraging results are not the result of digital transformation alone. They are achieved after a lot of hard work, literally: the Chinese work the “996” work day, which means working 12 hours a day, from 9 am to 9 pm, six days a week. Long working hours are nothing new in China, but they have recently been the target of criticism from many workers.
Regardless of this culture, Chinese companies can serve as a reference for those who want to innovate and improve their business model using technology. Check out some inspirations:
Cutting-edge technology combined with the use of accurate and assertive data are essential factors for the strategy of any company that wants to prosper and make personalized deliveries, integrating the consumer experience, customizing products and services.
Be competitive, be first, and be quick to dominate your market. Execution is power and results in more trial and error, as well as faster product cycles. But if the risk is high, the potential for success is even higher.
We have already said that the growth and results of Chinese companies are enormous. However, unlike traditional companies, which prepare annual reports for projections for the next year, in China, previous growth is not taken into account, since the opportunities are great. Be bold to achieve truly significant results in the short term.
Use technology to connect people, organizations, and resources and build an interactive ecosystem. This way, companies can access a wealth of data that can bring value to consumers and providers in real time.