"Time is money, efficiency is life"- Yuan Geng
Generally, people use cash in making payment transactions. Starting with food, clothing, rent, bills, taxis, and almost everything else, paying cash was the norm. But nowadays, things like that will be very difficult for us to find in China. The world changes so do China. One of the fundamental drivers is digital transformation. It's about using the latest technology to do what we have done, but better. Digital transformation has changed the interaction of economic actors that exist today. China was primarily a cash-based society. Everyone must make sure they always have the cash to pay for goods. Now, the wallet doesn't even need to be carried as long as these people have a smartphone in their pocket.
Magical China: Learners turned leaders                      Â
The internet economy is gradually becoming the key motor of growth of China's economy. China's digital economy not only increased, but also challenged the "platform-imperialism"Â thesis, which argues that the empire of Western-based digital platforms (such as Facebook, Google, and Amazon) will continue to dominate the global digital platform market, despite increasing competition from developing companies and counter-cultural flows from non-western countries in this twenty-first century.
China's overall digitalization is in the middle of the range globally. The size of China's digital economy at 6 percent of GDP, compared to 8-10 percent in South Korea and Japan, where the IT sectors are more developed and dominant in the economy (based on OECD framework). But China has become a global leader in some key digital industries. While overall digitalization is still lagging advanced economies, China has emerged as a global leader in some key new industries. Â On e-commerce: China accounts for over 40 percent of global transactions. On fintech: Chinese companies account for more than 70 percent of total global valuations. The value is US$790 billion in 2016, 11 times that of the United States.
The development of digital economics is the result of the development of communication supporting infrastructure such as the internet. With the widespread usage of the internet in China, there is a large population of internet user nowadays. By the end of 2014, the number of internet users reached nearly 650 million users, at the same time, more and more online stores being built (400 million web-shops nationwide) (Wangwei, 2015).
The Chinese Government controls, censors and monitors all aspects of the Internet, and the international gateway, which connects China to the World Wide Web. This is done in order to restrict access to harmful information and to safeguard national security. The government at the same time focuses on strengthening monitor and supervision in cyberspace. Fortunately, the e-commerce business progress involved with government is very smooth, which lead a positive and sustainable development (Wangwei,2015). In summary, the increasing number of Internet users and Government guidelines promoting adaption of internet technology in companies is facilitating the development of eCommerce in China.
As the booming e-commerce and healthy e-commerce environment, online shopping becomes more and more popular in China while the e-commerce market undergoing turbulence in the United States. Despite the short history of China's online marketplaces, its dynamic local players have significantly surpassed western markets in terms of influencing consumer shopping behavior. Online shopping has become the norm for Chinese consumers, leading Jack Ma to comment, "In other countries, electronic commerce is a way to shop, but in China, it is a lifestyle".
The growing online sales market requires a payments system that could build trust for buyers and sellers as well as one that could be managed by a fair and safe third party. At this time, most Chinese internet users would like to shop online, in the meanwhile, they also prefer to choose the digital wallet instead of others, which makes the payment timely and safely. Applications such as Alipay and WeChat Pay turn China into a cashless society where transactions are usually made through their smartphones. With this application, they can pay for anything from roadside food to five-star hotels. Just scan and pay. Transactions are complete, without the hassle of spending cash and waiting for money changes or swiping cards that require time. Time is money, efficiency is life. Chinese people are really aware of this.
Of cource, these extraordinary changes are the results of the extraordinary hard work and confidence of the Chinese people. The government and the people support each other to build the nation's economy. The global digital transformation may have inspired a generation of Chinese enterpreneurs such as Jack Ma and Robin Li, who started off with learning and imitating business models and digital solutions developed in the foreign market. They are truly extraordinary men, learners turned leaders.
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