China’s Trade Going Digital – A Bird’s Eye View

By: July 21, 2019 0 Comments International Trade

In the image above, you can have a glance of one of the digitized trade hubs in China – Shanghai. New emerging technologies have been changing the provision of basic public services for the past several years. A lot of new technological concepts have been developed and added in the international business domain. Similar ideas came from different scholars and professionals for bringing efficiency in the administrative machinery of any state. The new innovations are being entered into different industrial sectors for achieving economies of scale, sustainability, and best user interfaces with the help of various technologies. After achieving globalization in terms of instant communications, the technical specialists are working to map the real-world scenarios, routines, and most of the physical transactions in the advance and creative form to change the sensations and user experience altogether. Furthermore, the provision of these services and the degree of applicability depend upon the will of the specific state to go towards digitization which would reflect in the national and sub-national policies and their implementation at the executive levels. The pace with which human development is happening in the contemporary age is astonishing and it must require some strategies which would be compatible enough to regulate, maintain, support that change. Such sustainable development has been experienced coming from the digitization, autonomous, and intelligent systems in China as well.

Revolutionized & intelligent industries with improved connectivity

    The big data, artificial intelligence, virtual reality, the block-chain, digital currency, and machine learning are some of the means to achieve the above-mentioned outcomes for the general public. These principles have been developed through some of the overlappings of basic concepts from the relevant theories and models for organizing and getting useful insights from the big data. Some of the nations are even moving towards cashless societies. In fact, in Europe, some small states have completely automated the everyday transactions for the people and everything is on their clicks now. The country with the largest population in the world, Peoples Republic of China has 800 million active internet users, the quarter of it is engaged with the Mini App Programs of the famous Chinese Social Media Platform, ‘WeChat’. Recently mentioned in the monthly newsletter of one of the IT companies operating in China that 1 million Mini Programs have been developed so far and integrated with the network to enable the users from their day-to-day transactions and business operations to the unlocking of their hotel rooms with facial recognition feature (Yoan Rigart, IT-Consultis). Such big apps like ‘WeChat’ and ‘AliPay’ are actually not only helping in access to everyday services with a lot of ease but at the same time expanding their horizon to some other northeastern and southeastern countries like South Korea, Malaysia, Singapore and Thailand with the help of their data bank growth, joint ventures with the banks, adding versatile range of brands into the pool, and continuously mapping real world into the smartphones of the public.

Real-time transactions from your mobile phones

    The Chinese Communist Party (CCP) has been focusing on the development of science and technology among its core policies since 2002. The Ex-President of the party and state, Hu Jintao made clear directions for the politburo and standing committee members to lay emphasis on the policy guidelines in terms of technological development during the plenary session discussions at that specific period. Since then owing to the commitment and dedication in the ecosystem of advancement and innovation, the long-lasting outcomes have been clearly observed in the form of creative executions from state-owned and private enterprises.

Competitive Corporate & Business Environment

    Additionally, the alliances with the external players are really important to make sure the understanding of developed principles which are not in the complete access of the state without the transfer of knowledge and technology. For instance, the automobile sector of China has undertaken a rapid growth after the central government has shifted its policies from the state-controlled manufacturing plants towards local corporatism thereby promoting the alliances with foreign companies who are specialized and equipped with the necessary strategies, tactics, and techniques needed for innovation, transformation from manual standard operating procedures towards automation, massive production, economies of scale along with sustainable up-gradation in the system by evaluating the volume of growth after regular intervals of the development.   

    Finally, it is enlightened here that through globalization the nations can take competitive advantage of cutting-edge technologies through more physical interactions and market penetrations and providing new opportunities to each other’s institutions and companies to enter into the global pool for mutual prosperity and sustainability. It is actually the demand of the time as the resources are scarce and the state has to think smartly to deliver intelligent solutions for the masses which are only possible with the collaboration and cooperation in the sphere of innovation beyond the boundaries of borders in order to serve the international needs and demands. The decentralization of not only the provincial units but also the various other levels within these provincial units in the form of local or domestic tiers based upon the operations and functions of each specific department leverage more of such development opportunities. Consequently, the companies have actually made the access and provision of digital services in collaboration with the government, made it feasible and easy for the authorities to execute, and ultimately providing benefits of these initiatives to the people. At the same time, the center-local valuable interaction for exchanging the development insights with each other is also significant in order to achieve the synchronization in policies, standards, rules, and regulations among different levels within any administrative machinery. It has been observed that the Chinese government is ready for taking a further step into this competitive world by going on the digital roadway. What’s your feedback regarding such an initiative from one of the biggest economic engines of the world? Please leave your comment and subscribe us for the more latest news.

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