China’s digital economy booms to one-third of GDP

China 24

E-Commerce, Mobile Payment, Sharing Vehicles…Ordinary life has become quite digitized in China.

In 2017, China’s online retail sales topped $1 trillion, and China’s e-commerce giant Alibaba alone created nearly 37 million jobs.

The value of China’s e-commerce transactions is the world’s largest, estimated bigger than those of France, Germany, Japan, the United Kingdom and the United States combined.

And people in China use phones to pay for everything from street food to investment funds. Mobile payment has had a big impact on daily commerce.

China’s 2017 mobile payments totaled $12.77 trillion as of October.

According to a report by global management consulting firm McKinsey, China is one of the world’s largest investors and adopters of digital technologies.

Research shows “new economy” industries account for nearly one third of all economic resources behind China’s goods and services.

China has emerged as a new science and tech powerhouse.