China’s digital economy
Five facts foreign companies should know when considering doing business in China // Tip 4
The digital economy in China shows a crushing speed:
- It grows 3 times faster than the rest of the economy in China. In 2016, the value reached a massive 3.35 trillion dollars. Compared to the economy overall, the digital sector is responsible for 30,3% of the GDP. This will rise to 35% by 2020.
- The reason? E-commerce, cloud-based services and innovative payments tools, but also increasing consumer demand. The Internet Users (800 million by now) keep growing, which increases the need of digital services year after year. The use of payment services, for example, is already 11 times more than in the US.
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