Marketing expert Ashley Dudarenok explains on her TikTok channel that drones have become a common feature in China and will change the country even more in the next two to three years.
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Increasingly global brands not only look at China as a potential market but also as a guide on how they can use the country’s digital transformation for their global ambitions, writes marketing expert Ashley Dudarenok on her website Chozan. “By this year, China’s digital transformation sector is expected to reach $221.95 billion. It is forecasted by Mordor Intelligence to expand to $410.67 billion by 2029, with an annual growth rate of 13.1% over these years,” she writes.
Ashley Dudarenok:
Companies everywhere are looking to China for digital transformation lessons. It is now common knowledge that companies need digital transformation in order to cut costs and run efficiently in the modern age. It involves streamlining processes and the adoption of new technologies. But why China specifically?
By this year, China’s digital transformation sector is expected to reach $221.95 billion. It is forecasted by Mordor Intelligence to expand to $410.67 billion by 2029, with an annual growth rate of 13.1% over these years.
China’s digital transformation involves adopting advanced technologies like AI, 5G, IoT, and big data to modernize its economy and society. This includes integrating these technologies into traditional industries to create efficient and innovative business models.
The transformation focuses on building digital infrastructure, enhancing services, and fostering tech-driven innovation across sectors like finance, healthcare, and urban management, aiming to drive economic growth and establish China as a global tech leader.
Over 50% of thriving global companies incorporate outsourcing into their delivery strategies, according to Deloitte. 72% prioritize digital transformation, and 55% utilize unified enterprise platforms like ERP3 or SAP/4HANA.
Data migration and generative AI are becoming major growth areas. Remarkably, 80% of global business leaders believe generative AI will boost their business efficiency.
Last year, China announced its comprehensive plan for digital development, aiming to make significant strides towards building a “Digital China” by 2025 and to lead globally in digital innovation by 2035.
In 2023, China’s total data output hit 32.85 zettabytes, marking a 22.44% year-on-year increase. Additionally, core digital economy industries contributed 10% to the GDP, as highlighted in the latest Digital China development report from the NDA released last Friday.
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While the stiff inflation rate was one of the key reasons US voters preferred Trump over Harris, Trump’s announced China tariffs would increase the costs for US consumers, warns Harry Broadman, former U.S. assistant trade representative in the George H. W. Bush administration in Dow Jones.
Dow Jones:
Among the biggest uncertainty is the issue of tariffs, what products they will hit and what technology sectors could be hurt. The bottom line, though, on tariffs is that they will lead to increased goods prices.
“Trump’s plans will make us worse off economically,” said Harry Broadman, a principal at WestExec Advisors, senior economist at the Rand Corp. and former U.S. assistant trade representative in the George H. W. Bush administration. “In the short run, the consumer or individual will pay higher prices for imports and that means the cost of what they are buying has risen significantly. That means you are going to have inflation, people will find their disposable income decreased.”
During his first term in office, Trump’s administration imposed tariffs on a wide range of products from China, but the tariffs he has discussed for his next term are even higher and could be more detrimental…
During his first term in office, Trump’s administration imposed tariffs on a wide range of products from China, but the tariffs he has discussed for his next term are far higher and could be more detrimental.
“It would be one thing if Trump said, ‘I am going to work with the G7 leaders’,” Broadman said. “That is what needs to be done, but instead individual country leaders become susceptible to sweetheart deals with China.” He said if the U.S. does not work with other countries, China will retaliate. “You do it arm-and-arm with allies. Because what China will do is play off importing nations off other importing nations.”
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With 3.8 million 5G stations China is leading the world in 5G, explains marketing expert Ashley Dudarenok on TikTok. Alibaba already uses technology to replace workers, she adds.
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According to Shanghai-based analyst Shaun Rein, most Chinese prefer Trump over Harris because they expect Trump to be more transactional, while they feared Harrid would lead a more ideological struggle, he tells CNBC.
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Winston Ma, Professor (Adjunct) and Executive Director, Global Public Investment Funds Forum, New York University School of Law and author of “The Hunt for Unicorns: How Sovereign Funds Are Reshaping Investment in the Digital Economy” gives advice on how to find the new unicorns and where to invest in digital infrastructure, cloud computing, and data preparation at the Cube, hosted by SiliconANGLE Media Inc. Co-Founder and Co-CEO John Furrier.
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Business analyst Shaun Rein tells AP that the 11/11 singles day shopping bonanza has lost its previously sensational attraction. Even the shopping highlight has not been immune to the lackluster mood among China’s consumers.
AP:
Some experts say that Beijing’s recent stimulus measures have had little impact to boost consumer confidence.
“People are not interested in spending and are cutting back on big-ticket items,” said Shaun Rein, founder and managing director of China Market Research Group in Shanghai. “Since October 2022, the weak economy means that everything has been on discount year-round, 11.11 is not going to bring in more discounts that the month before.”
Rein said he expects low growth for the Singles’ Day shopping festival as consumers tighten their spending in anticipation of difficult economic times ahead.
Categories such as sportswear and fitness, however, have been doing well as customers “trade down a Gucci bag for Lululemon sportswear,” he said.
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Now the USA has elected Donald Trump as its next president, traders in China are bracing for another backlash, reports trade expert Ashley Dudarenok on its LinkedIn page. “Trump’s proposed 60% tariffs on Chinese imports + 10-20% on other global goods would set US tariff levels at their highest since the 1940s,” she writes.
Ashley Dudarenok:
It’s official. Trump wins the US election.
đ Before the win was official, “Trump announces win (çšććŽĺŽŁĺ¸čé)” and related hashtags had already racked up 420 million views on Douyin. Many likened the election to a gender reveal party, with one comment saying, “Congratulations USA, it’s a boy!”
Meanwhile, many are focused on real impacts, asking, “Will gold prices drop?” đ More below.
With Trump back in office, China’s economic policymakers are bracing for a new wave of trade policy challenges.
đ According to China Economist, a Trump victory could require China to increase fiscal stimulus by 10-20%. This is more than what might be needed under a Harris administration.
đ Trump’s proposed 60% tariffs on Chinese imports + 10-20% on other global goods would set US tariff levels at their highest since the 1940s.
đ Out of 27 Chinese exporters with at least 15% of sales in the US that Reuters spoke with, 12 plan to speed up relocation if Trump returns to the White House.
đ Four other companies, still based entirely in China, would open factories overseas if Trump raised tariffs. The remaining 11 had no specific plans but were concerned about losing US market access.
✔️ China’s approach will be crucial for its export sector and global supply chains as it navigates this new chapter in US-China trade relations.
✔️ The China’s National People’s Congress Standing Committee is meeting in early November to finalize a stimulus plan size, likely making a decision by Friday, November 8.
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China has started to push capital into its sluggish economy, but economists have different opinions on what the government wants to achieve. According to Arthur Kroeber, author of China’s Economy: What Everyone Needs to Know®, its financial measures are more about stabilizing its economy, not about a full-blown stimulus as it did in the past, he says at the ChinaFile.
Arthur Kroeber:
China’s economic support measures are better described as stabilization than stimulus. Unlike in previous full-bore stimulus programs, for instance in 2008 and 2015, the aim today is not to engineer a boom but simply to halt the deterioration in economic conditions evident in the past few months, and stabilize growth at around the target of 5 percent.
China’s long-term economic strategy has not changed. Xi Jinping’s intent, as outlined in the Third Plenum decision this past July, is to shift capital from real estate and infrastructure into technology-intensive manufacturing. The aspiration is that the productivity gains from high-tech industries will deliver the long-run growth that China needs, offsetting the impact of a declining population and other negative factors. Another key goal of this strategy is to ensure that China becomes self-sufficient in core technologies, enabling it to withstand the pressure of U.S. containment policies. The leadership is fully prepared to tolerate a period of relatively sluggish growth as the price of making this structural shift.
But the stabilization policies of the last month show the limits of this tolerance. They also reflect a judgment that the contraction of the property sector, now into its fourth year, has gone far enough, and that policy should shift from restrictive to modestly supportive. The final policy move, expected in early November—issuance of long-term central government debt to swap for provincial debt—is a long-overdue recognition that the financial position of heavily indebted provinces is unsustainable, and that direct fiscal support from Beijing is needed.
Over the next year or so, the economic package is likely to succeed in its limited aims: reversing the decline in housing sales, and providing local governments with relief from interest payments so they can pay back wages to their employees and overdue bills to the companies that supply them with goods and services. This should be enough to stabilize GDP growth at somewhere close to the 5 percent target. The benefits to the rest of the world, however, will be modest. Neither consumer spending nor commodity demand will enjoy a dramatic pickup. And Beijing’s steady commitment to its investment-first growth strategy means that other countries will still face the challenge of intense competition from low-priced Chinese imports.
More opinions at the ChinaFile.
Arthur Kroeber is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers request form.
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