Business
16:13, 15-Dec-2017
Internet sector blossoms amid China’s digital boom
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China's Internet sector is among the most dynamic in the world, one that is bringing changes to the country and beyond.
E-commerce, games, social media, and the sharing economy – Chinese Internet giants have their fingers in almost every pie.
Apart from big online retailers Alibaba and JD.com, other tech companies such as Netease and Xiaomi are also making a foray into e-commerce.
A McKinsey Global Institute (MGI) report claims that China’s Internet giants have created ecosystems, which in turn, help nurtured the country’s start-ups.
On the technology front, top Chinese Internet firms – led by Baidu, Alibaba, and Tencent – are investing heavily in artificial intelligence in the hopes of shoring up other lines of business with this futuristic technology.
China’s Internet industry has also played an active role in digitalizing and upgrading the country’s traditional industries. The sector is now the world’s second largest source of “unicorns,” a term used to describe non-listed companies with valuations over one billion US dollars.
As China’s digital economy continues to bloom, the MGI believes the sector will have a lasting influence on the global business landscape.
