China’s Digital Economy: Opportunities and Risks

Abstract

В последние годы цифровая экономика Китая стремительно развивается. Средний уровень цифровизации экономики остается ниже, чем в развитых странах, но в отдельных регионах и секторах уровень цифровизации уже достиг высоких показателей, особенно в электронной торговле и финансовых технологиях, особенно в прибрежных регионах. Эти трансформации ускорили рост производительности, в различной степени повлияв на уровень занятости в разных секторах. В будущем цифровизация продолжит трансформировать экономику Китая, увеличивая эффективность и смягчая последствия замедления потенциального экономического роста, возникающего по мере достижения китайской экономикой состояния развитости. Правительство должно играть существенную роль в максимизации преимуществ, создаваемых цифровизацией, и минимизации рисков, таких как потенциальный рост безработицы, нарушение тайны частной жизни, возникновение олигополий и финансовые риски.

Understanding China’s fintech sector: development, impacts and risks

“…2 In North America and Western Europe, the fintech sector is overwhelmed by a large number of small companies. Three, perhaps the most distinctive feature of China's fintech development is "financial inclusion"it improves access to financial services at scales never seen before in human history (Huang and Huang 2018;Chong et al 2019;Zhang and Chen 2019). And, four, unlike many of their developed country counterparts, most Chinese fintech companies often own multiple financial service licenses and directly offer financial products to customers.…”

“…China's fintech sector also has evolved dramatically over time. It started in December 2004 when Alipay first came online, but the real boom did not begin until June 2013, when Ant Financial successfully launched its online money market fund Yu'ebao (Huang and Huang 2018;Zhang and Chen 2019). From 2014, the Government Work Report, which is delivered by the Premier at the annual National People's Congress meeting, started to mention "internet finance" (the Chinese term for fintech) almost every year, 3 but the tune gradually shifted from praising for innovation to warning about the risks.…”

E-Commerce Participation and Household Income Growth in Taobao Villages

“…As a modern model of conducting business, e-commerce in China has also been revolutionizing the traditional way of buying and selling in brick-and-mortar stores, bringing convenience to consumers and increasing competition among producers. For example, the penetration rate of e-commerce -the proportion of e-commerce sales of total retail sales -surpassed that of the United States in 2013 and is now 15 percent (Zhang and Chen 2019).…”

Canonical Correlation Analysis and a New Composite Index on Digitalization and Labor Force in the Context of the Industrial Revolution 4.0

“…For example, the coefficient of PC representing V 1 (Individuals using the Internet) is calculated as: The composite index DLFI is built with standardized data. Its values will be rescaled to the interval (0-100) by using the min-max normalization formula [43,44]:…”