China’s Digital Economy: Opportunities and RisksChina’s digital economy has expanded rapidly in recent years. While average digitalization of the economy remains lower than in advanced economies, digitalization is already high in certain regions and sectors, in particular e-commerce and fintech, and costal regions. Such transformation has boosted productivity growth, with varying impact on employment across sectors. Going forward, digitalization will continue to reshape the Chinese economy by improving efficiency, softening though not reversing, the downward trend of potential growth as the economy matures. The government should play a vital role in maximizing the benefits of digitalization while minimizing related risks, such as potential labor disruption, privacy infringement, emerging oligopolies, and financial risks. |
Contents
I INTRODUCTION | 3 |
III Chinas Digital Economy in the Global Context | 4 |
IV Evolution of the Digital Economy in China | 7 |
V The Real Impact of Digitalization | 8 |
VI Fintech and Implication on Financial Stability | 12 |
VII Prospects | 16 |
VIII Conclusions and Policy Recommendations | 18 |
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China’s Digital Economy: Opportunities and Risks Ms.Longmei Zhang,Ms.Sally Chen Limited preview - 2019 |
Common terms and phrases
Academy of Information advanced economies Alibaba Alipay AliResearch Artificial Intelligence Baidu big data Boston Consulting Group broad definition broadband China Academy CHINA'S DIGITAL ECONOMY Chinese cloud computing Communication Technology data privacy digital adoption index digital economy development digital industries digital infrastructure digital technologies digitalization on productivity downward trend e-commerce and fintech ecosystem employment growth financial inclusion financial services financial stability fintech companies fintech development framework GDP growth global leader Goldman Sachs Henan ICT sector IMF Working Papers impact of digitalization increase Information and Communication integration internet users investment labor market lending loans market structure Mckinsey micro loans million mobile payments money market fund Number OECD Oligopoly payment service providers Peer-to-peer lending penetration percent of China’s percent of GDP percent of global rapid digitalization Rebalancing Regression regulators regulatory risks robotics service provision service sector Sources Taobao tech giants Tencent text chart third-party payments Wanglian World Bank World Economic Forum