13 September 2016

Anticipating the Digital Economy in China in the Digital Era

Creating endless opportunities and possibilities and attracting a multitude of eyeballs with her reformation on digitized intelligence and double digit economic growth, China market is no doubt in the global limelight

“Defining the Digital Era: China’s Smart Economy” was held in the Asia Society Hong Kong Centre on 13 September 2016. Organized by the news media China Daily, the event has gathered 5 elite enterprises to share ideas and exchange perspectives on how technology could merge industries, the development trend of the digital economy, and the upgrading and transformation of enterprises in Mainland China and Hong Kong.

Mr Kit Szeto, CEO and President of Dim Sum TV was invited to join the Seminar in which he talked about the corporate culture of Dim Sum TV and the potential of Hong Kong’s cultural and creative industries in future development.

Dean XIANG Bing, the Founding Dean-cum-Professor of China Business and Globalization of the Cheung Kong Graduate School of Business started the event with his keynote speech. He sees a bright future of Mainland China’s market under the continuation of current industrial reforms. He said that if the industry could add value and contribute to the community, it would ripe a good harvest. However, China enterprises has to pay attention to the international business environment if they are to expand into global markets.

Hong Kong starts off a long way in developing digital economy

In today’s society, consumption has become an integral part of everyday life and the fast-growing digital economy has brought changes to people’s mindset and daily habits. Mr. Albert WONG, Chief Executive Officer of Hong Kong Science and Technology Parks Corporation made use of a set of data to point out the shortcomings of Hong Kong in developing digital economy. He said that the local input of technological development contributed to only less than 1% of Hong Kong’s GDP, lagging far behind countries like Mainland China, Korea and Singapore. He continues, in the coming 20 years, there is a pressing need for Hong Kong to raise public awareness on technological innovation in order to achieve prospect of a breakthrough.

Mr. Frankie HO, General Manager of Baidu International outlined various innovative initiatives accomplished by the digital economy in Mainland China. As information sources or transaction terminal on various areas such as shopping, travel, news, social interaction and electronic facilities, digital economy has already dominated people’s everyday life. According to Mr. Ho, China market will continue to enjoy great business opportunities and development potential in its future.

Make good use of the “double-edged sword” in the Internet era

Mr. Joseph CHAN, Chief Executive Officer of Asia Pay Limited opined that with rapid changes facing the world and the dawning of the mobile Internet era which have broadened human communication, the Internet not only increases channels for business sales, but could also assist personal and corporate brand building. Reliable online payment tools facilitates complicated transaction procedures between companies and customers, as well as eases business management.

However, Mr. Peter GREENHILL, Head of e Business of the Equiom Group Europe mentioned a series of disadvantages brought by technology development, such as the shrinking of bank businesses, the closing of physical retail shops and redundancy in intermediary companies. He pointed out that technology was a “double-edged sword”, and it is critical for modern enterprises to use it wisely according to practical needs in order to create new opportunities.

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