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How Online Platform Yiyaowang is Reshaping China’s Health Sector

September 25, 2017 By Liu Sha and Deng Yuanyuan

Medical spending in China is increasing every year, and people have started to buy medicine online, with nearly 3 million people buying medicine through mobile apps, among which the largest one is Yiyaowang–the”No.1 pharmacy.” Set up by Yu Gang and his partner, the founder of China’s first large online supermarket, Yihaodian, Yiyaowang is also a key part of a healthcare ecosystem that combines an online hospital, a drugstore and patients. Yu, an experienced businessman and a scholar, tells how he built the ecosystem, how it simplifies the medical process and gives patients access to cheaper drugs.

Filed Under: All Articles, Conversations, eCommerce, Entrepreneurship, Q&A, Supply Chain Tagged With: B2B2C, Online healthcare, online pharmac, Yihaodian, Yiyaowang

China Stands Ready to Lead eSports Globally

September 18, 2017 By Chris Russell

eSports is more than playing digital games online. With an estimated market value of $104 million in 2017, it is a multi-billion industry that both traditional and tech companies are pursuing in China. It is about networking, with millions of people watching contests online at a same time, and about a new way for brands to get closer to Chinese millennial, a demographic many find tricky to connect to. Behind the momentum is both digital sophistication and a maturing internet ecosystem in China. Yet to continue expanding, the industry is facing the difficulty of finding an entrance for traditional sports like soccer and basketball.

Filed Under: All Articles, China, Culture, Know China, Sports, Technology Tagged With: Dota2, eSports;, Game Industry, Game Industry in China, Gaming, Honor of Kings;, millennials, Online Gaming, traditional sports

Daniel Kahneman Interview: Less-Than-Rational Actors

September 11, 2017 By Tom Nunlist

Before Daniel Kahneman, few if any psychologists influenced the field of economics. But the Nobel laureate reversed the assumption underpinning most economic theories: people always make rational choices. “People are rational, except they are myopic,” says Kahneman. As a result of his work, which pioneered the ideas of behavioral economics, individuals learned how to modify their less-than-perfect decisions and organizations learned to take human limitations into consideration in decision-making. In this interview, Kahneman talks about the history of his research, how he, who began as a psychologist, ended up influencing economics, and why his work generated so much impact.

Filed Under: All Articles, Economics, Opinion, Q&A, The Thinker Interview Tagged With: behavioral economics, chioce architecture, human behaviour, psychology and economics, the assumption of rationality

Networking 2.0 Series: What’s Next for Professional Networking?

September 10, 2017 By Bennett Voyles

Professional networking platforms have already changed the way people find and do work. Where do observers of the virtual working world think this functionality may be heading? What consequences might that have for professionals? Some observers think there will be both utopian and dystopian possibilities ahead for virtual networking because although virtual networking makes it easier to find job opportunities and reduce transaction costs, people or organizations may also misuse the online data or use it to entrench an elite, extract rents, or manipulate people. Others see more tailored networking services, such as using artificial intelligence in recruiting.

Filed Under: All Articles, Best Practice, China, Connections Tagged With: AI, machine learning, online social networking, professional networks, virtual networking

Covestro, China and the Innovation of Future Materials

August 30, 2017 By Tom Nunlist

“China is not known for greenness, but it is moving in that direction,” says Christian Haessler, Head of Innovation for Covestro in the Asia-Pacific region. An offshoot of the German pharmaceuticals and life sciences giant Bayer, Covestro was spun off in 2015 and today produces advanced raw materials for like the environmental friendly coatings and lightweight materials to be used in electric vehicles. In this interview with CKGSB Knowledge, Haessler explains what Covestro’s business is like in China as a behind-the-scenes firm and how it, with material technology, supports China’s sustainable development.

Filed Under: All Articles, China, Conversations, Environment, Innovation, Manufacturing, Q&A, Sustainability Tagged With: chemical materials, Covestro;, Environmental Sustainability, Innovation, Sustainable Development, wind blade;

The WeChat Economy, From Messaging to Payments and More

August 28, 2017 By Matthew Fulco

WeChat is not just a messaging app. With nearly a billion active users, it is used to make voice calls, play games, read news, hail cars and more. With WeChat Pay, people use the app to send money and pay bills by scanning a QR code, and friends and families use WeChat to send lucky money during festivals. For many, WeChat is already indispensable. How did the company grow? What were the key decisions and strategies? In the fierce competition between WeChat pay and Alibaba’s Alipay, who will win? There are many questions about WeChat, but the app’s success is certain—for now.

Filed Under: All Articles, Digital Economy, Know China, Mobile Commerce, Technology Tagged With: Alipay, online payment;, QR codes, Tencent, WeChat

Networking 2.0 Series: Online Networking with Chinese Characteristics

August 23, 2017 By Bennett Voyles

Online social networks are changing Chinese professional culture—simply sending out resumes to get a job is inadequate. Compared to Americans, young Chinese spend more time networking and leverage social sites to find jobs. Recruiters are active participants in this trend. As a Shanghai-based employer says: “I don’t even call people anymore.” Instead of waiting for resumes that may contain dull business mug-shots, employers look at applicants’ social profiles, chatting to ones they find interesting and learn about their business and leisure time and maybe, if lucky, get a rough idea of their personality.

Filed Under: All Articles, Best Practice, China, Connections, Know China, Technology Tagged With: LinkedIn, online social network;, professional culture, QQ, WeChat

Education in China is in an Elite Class of its Own

August 21, 2017 By Shasha Chen

Education in China has undergone sweeping changes since 1980. A major change is the emerging popularity of elite private schools. Different from public schools under China’s 9-year free compulsory education, many elite private schools, with expat teachers and small classes, have western-style curriculum and focus on developing students’ creative abilities. Newly-affluent families favoring private schools are willing to pay tuitions ranging from $36,000 to $72,000 per year and they believe children in these private schools are also from well-off families. The trend has also attracted investors from other industries, with big firms like Vanke and Alibaba investing billions in private schools.

Filed Under: All Articles, China, Know China Tagged With: education industry, elite education, Online Education, private school, quality education

Risk in China is Changing, but Opportunity Remains

August 16, 2017 By Tom Nunlist

With a growing economy and the world’s largest population, China has for decades been a key destination for foreign companies expanding abroad, but the difficulties of doing business here have never been small. In the past few years, however, China has in some respects become an increasingly risky place to do business, in part because of the Chinese government’s efforts to modernize regulations and crack down on bad actors. In this interview, senior partner Kent Kedl at Control Risks explains how the challenge is not only for foreign companies to understand and comply with new rules, but to make compliance into a competitive advantage.

Filed Under: All Articles, China, Conversations, Know China, Q&A Tagged With: business environment, business risks, Control Risks;, Corruption, market conditions

Currency Reform: Float of the RMB

August 9, 2017 By Tom Nunlist

After meeting with Chinese President Xi Jinping this year, Donald Trump backtracked and dropped his accusation of China being a currency manipulator. But the issue of currency manipulation is still debatable. The RMB is certainly not a free-floating currency and the controls are complex. China’s central bank sets the daily rate with movements only allowed in a narrow 2% band. This did not change for years, until August 2015 when the central bank reformed a bit by beginning to set the daily RMB rates based on the closing value of the previous day’s interbank forex market. But it’s not considered a major change and the way to achieve a more open currency remains difficult.

Filed Under: All Articles, China, Economy, Finance, Know China Tagged With: Chinese Economy, Currency, finance, RMB, RMB policy

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Information, analysis, and interviews about the Chinese economy and doing business in China, from the people who know it best. Presented by the Cheung Kong Graduate School of Business, China's leading business school.


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