China’s online economy more vibrant than U.S.’s
September 19, 2017 Category China News Round-up, Weekly
China and the U.S. have become the twin engines of global internet development, and the Chinese engine is apparently younger and more vibrant than its U.S. counterpart, according to a white paper on China’s internet economy by the Boston Consulting Group (BCG) and the research arms of three Chinese internet firms – Alibaba, Baidu and Didi Chuxing. The average age of Chinese netizens is 28, while the average age of U.S. internet users is 42. Alongside the age advantage, other areas enjoyed by China over the U.S. include high-growth of internet users and in online consumption, much faster penetration of various emerging applications, notably mobile payments, and greater vitality in China’s internet economy that significantly shortens the time required for local businesses to become unicorns, the report revealed. The number of Chinese internet users has reached 710 million, about equal to the number in the U.S. and India combined.
The white paper, published for the first time, is expected to be issued every year. It highlighted four key elements of success in China’s internet sector – local customization, rapid response to market needs, online-offline integration, and the construction of a viable ecosystem. But the impact of the Cyber Security Law, which came into force on June 1, is still being evaluated, the Global Times reports.
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