China pioneers the world in internet development

🕔 Posted on: September 15, 2017 - 16:22 👁 Views: 112

China pioneers the world in internet development

All Round View (Beijing): China pioneers the world in internet development, as the growth of its netizen population and the amount of internet consumption both top the corresponding rate in other nations, a newly released industry report said Friday. The compound growth rate of Chinese netizens reached 25 percent in the past 15 years and ranks the first globally while China’s internet consumption has grown at a compound rate of 32 percent in the past five years, which is also ahead of most countries in the world. The report, published by global management consultancy the Boston Consulting Group as well as a group of internet giants such as Alibaba Group Holding Ltd, Baidu Inc and Didi Chuxing, reveals the latest trend of China’s internet economy. Another trend the report pointed out: China’s internet market is very influential in terms of scale and impact as a considerable number of internet giants, start ups and unicorns-new, non-listed companies with valuations of more than $1 billion-are competing with world magnates in the field.

Data from open database CrunchBase showed that among 221 global unicorns, Chinese firms make up for nearly one third of the total, with a valuation of around $330 billion. Statistics from China Internet Network Information Center showed that China had a total of 751 million netizens by June 2017, which is about the total population of Europe. In the past few years, the State Council, Chinese cabinet, has pushed forward a series of plans to booster internet infrastructure construction, including broadband, mobile internet, iCloud and new technologies, which guarantees a sound environment for internet development.

According to the report, China’s internet economy is highly active but also fluctuates greatly in top destinations of investment such as group purchases, live video streaming and peer-to-peer lending. An increasing number of enterprises have followed the trend, but the survival rate is low.

China pioneers the world in internet development

🕔 Posted on: September 15, 2017 - 16:22 👁 Views: 112 👤 Posted By: Zille Huma, the Editor (UAE), All Round View

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