While the world remains paralyzed, China walks as if what happened there, the start of a global pandemic, was only a superficial twist of the arm. Brands looking to grow or internationalize should see China as the engine of their growth for the fourth quarter of the year and all of 2021.
The economy is recovering rapidly. Consumers spend on movies, eating at restaurants, digital world, vacations, and the government had no need to launch a massive stimulus program.
To achieve this, China strongly bet on the digital world. China’s digital economy alone … contributed 36.2% of GDP in 2019. This has been possible thanks to the fact that fiber optic and 4G Internet connections are available in more than 98% of the villages, achieving great achievements, with significant progress in the country’s digital economy and innovation.
By the end of 2018, active users of IPv6, the most recent version of the Internet Protocol, had reached 270 million in China. IP is an identification and location system for computers on networks and en route traffic through the Internet. This number of users represents 33% of the total Internet users in the country.
China has more than 130,000 5G base stations in operation. About 12 million poor families in China benefit from preferential policies that provide Internet services at much lower prices.
During the COVID-19 pandemic, many Chinese companies expanded their use of the internet, providing a solid foundation for the resumption of industrial activities. The country has more than 70 large industrial Internet platforms, connecting more than 40 million industrial equipment and serving more than 400,000 companies. More than 60% of companies nationwide use e-commerce in their businesses.
There are many digital markets that have not yet been explored around the world and in China they already are. Every six months a new e-commerce platform becomes the novelty. First, no one could stop talking about Alibaba, then there was Xiaohongshu (Little Red Book), followed by Douyin (TikTok) and Pinduoduo.
Now the novelty is the digital marketplace for therapy and life coaches called #Mytherapist. For 100 to 1200 yuan, a user can choose from hundreds of mental health professionals located anywhere from Beijing to Boston and book a consultation on topics like #TrustIssues, # Self-Love and #CareerPressure. This has been growing rapidly in a culture that was not used to attending therapists. The mission of the company is: “At KnowYourself, we believe that happiness is a skill that can be acquired. Our mission is to help people in their search for happiness ”. Meanwhile, Chinese internet giants Baidu, Alibaba and Tencent have launched their own online psychological services (respectively, Baidu Jiankang, Alibaba Health, and WeDoctor).
Other developments will result from the Third Digital China Summit scheduled to take place October 12-14 in Fuzhou, capital of Fujian province. With the theme “Innovation Drives Digital Transformation; Intelligence Promotes High-Quality Development”, visitors will experience the latest in digital and information technology. So don’t miss out on reading us, where we will surely tell you about the news presented at this event. In turn, we continue to recommend that you come and learn about this great country. And we remind you that to do it better than accompanied by your Puente Negocios, where we will gladly assist you and satisfy your needs.