ByteDance is one of a new wave of Chinese tech companies challenging the older and more established Chinese players, led by BAT (Baidu, Alibaba, Tencent). TikTok is the first Chinese app to take the world by storm, and its owner is now rubbing shoulders with the likes of YouTube and Facebook.
The “fourth industrial revolution,” defined by artificial intelligence, has begun. But with it comes a new problem: How can we protect our privacy while utilizing data as an asset? Property rights have been crucial to society since time immemorial, but as technology evolves, rights too are changing, and creating new challenges.
China, home to half of the world’s Smart Cities, is rapidly enhancing its technology to upgrade urban management. With the imminent rollout of the Internet of Things (IoT), Smart Cities featuring a centrally-controlled approach to just about everything, are becoming a reality, and China is leading the way.
China is close to releasing a national digital currency. How would such a currency run by a central bank work? China is where paper money was first invented a thousand years ago, and it might be where paper as a proxy for value also fades from the world stage.
Arnold Ma, CEO of Europe’s first Anglo-Chinese digital marketing agency Qumin, explains how Chinese culture should always be at the center of China marketing strategies.
Economic changes taking place in China are rippling across the world, causing rapid upheaval in global supply chains. Manufacturers are moving to lower-wage economies, the Belt and Road Initiative (BRI) is creating a new web of trade flows and the rise of cross-border e-commerce is accelerating demand for goods from across the world. And then, of course, there is a possible global trade war to factor into the equation. Dealing with all this uncertainty requires ice-cool pragmatism, as FedEx’s China head, Eddy Chan, has learned.
China has banned borderless cryptocurrencies like bitcoin, but it is a move the country may come to regret. Until recently, China was the world’s largest market for virtual currency and digital currencies trading and China’s ban on Bitcoin came abruptly. Some experts think Beijing’s intention is to regulate the market, not hobble it—but the crackdown may last for a while. The future for cryptocurrencies in China is unclear, because the Chinese government is also backing the underlying blockchain technology. Will cryptocurrencies come to light again?
Becoming a movie star isn’t attractive anymore. For many young netizens in China, online stardom is the ultimate dream, not only because online celebrities now earn even more than A-list movie stars, but also they are able to influence hundreds and thousands of people just by go livestreaming, sharing beauty tips and fashion trends and posting their own selfies. Consumer brands and clients are chasing after these online celebrities. Reports say the online celebrity economy by some calculations is worth more than the country’s domestic film industry. How to become an online star? How do they make money? What’s behind the rise of “wanghong culture”?
As the world’s most populous country, China should have the potential to become the world’s most profitable music market, yet it is far away from that—China was the 12th largest market in 2016, with $202 million in revenue compared to the US’s No.1 ranking of $5.3 billion. But there are important differences in the way music is consumed that may give China a business edge. Led by internet firms like Tencent, China has adjusted to the digital future of music more quickly, with a whopping 96% of music revenue from digital releases and 75% of that number coming from streaming sales.
Chinese tech giant Tencent surpassed Facebook in market value this November, and is the first Asian company worth more than $500 million. Unlike Facebook, which earns 97% of its revenue from advertising, online advertising only represents 16.9% of Tencent’s revenue, according to the company’s Q3 2017 report–lagging behind domestic competitors like Alibaba in terms of ads gain. Determined now to gain a larger slice of the digital advertising market, Tencent focuses on improving targeting and algorithms to intensify ads on its ubiquitous platform WeChat while not undermining the user experience, as well as leveraging opportunities in the company’s other products and services, including mobile games.