Charting China's Digital EconomyVIEW EVENT DETAILS
Reception from 5:30 PM
The shift to a modern and more digitized economy worldwide has proven to be a transformative phenomenon in global business and consumer integration. Nowhere is this trend more evident than in China, one of the world’s largest investors and adopters of digital technologies, and also a country with a very large domestic market of consumers who are young and eager to embrace digital in all its forms. Three aggressive, giant internet companies with global reach — Baidu, Alibaba, and Tencent, or BAT as they are collectively known — are creating a multifaceted and multi-industry digital ecosystem that touches every aspect of consumers’ lives. It is therefore not surprising that China’s rapidly growing "fintech" (financial technology) industry has established the biggest global market for digital payments, accounting for roughly half of the global total. China’s digital transformation is likely to have an increasing influence on the worldwide digital landscape, judging by the profound impact it is already having on its own economy.
Join us for the New York launch of China’s Digital Economy, a major report published by The McKinsey Global Institute (MGI). MGI's Shanghai-based director, Jonathan Woetzel, will share new findings from the report.
How does China’s dramatic shift to a digital economy account for economic indicators such as labor productivity and GDP growth? What does the future hold for Chinese producers, consumers, and the workforce as digitization gains more momentum? Has the country’s regulatory framework put in place necessary policies to capitalize on new technologies while safeguarding against potential unintended negative consequences?
Jiong Shao is Managing Director of CEC Capital and heads its U.S. Office. He has over 20 years of experience in investment banking and has been responsible for CEC Capital’s deals with large internet companies such as Tencent, Alibaba, Baidu, and Xiaomi.
Jonathan Woetzel is Senior Partner at McKinsey & Company and is Director of the McKinsey Global Institute, where he leads research on China, Asia and global economic and business trends. He has been based in China since 1986.
Vijay Vaitheeswaran is an award-winning senior correspondent for The Economist and currently works as its U.S. Business Editor. He is Chairman of The Economist Innovation Summit, a provocative series of global conferences on innovation. (Moderator)
Yu Zhou is Professor of Geography in the Asian Studies Department at Vassar College. Her current research is centered on globalization and high-tech industry in China.
The McKinsey Global Institute China's Digital Economy research preview can be downloaded here. The full report will be launched in December.
Asia Society 725 Park Avenue New York, NY 10021