The development of China digital economy is exponential. The government set a lot of strategies to be more competitive in the global market. They have many roles by doing some efforts to develop the market, open more opportunities and overcome the challenges following.
The Roles of China Digital Economy
• Saving the cost of the transaction
Transferring money from one bank to another or paying with a credit card is still available, but more people are into QR pay. They implement a digitized payment system and it changes their infrastructure. It helps people to save on the cost of the transaction.
• The way to be more efficient
According to Chinese market research, the digital economy system helps the country to be more efficient. This concept aligns with super apps that many developers create in China. Currently, China is also the top country that has fast and efficient digital payment globally.
• Reliable for the people
China provides super apps for all people in China. It is easy to download, for both Android and iOS in their Chinese app store. This ecosystem is supportive even for a newcomer in China. The version of digital money is also available as their first step to improving their digital economy.
The Effort of China in the Digital Economy
• Improving cybersecurity
One of the most important efforts that China has been making is improving its cybersecurity. China is a huge country with its population and digital economy transition. Thus, they create safe platforms with particular standards. This innovation aligns with high-speed growth in it.
• Anti-monopoly policy
Monopoly In China for the digital economy is not allowed according to China market research. This behavior is a preventive action to get fair competition between marketplaces. It applies since 2021 and consumers can choose to shop according to their preferences.
• Data protection law
China sets data law protection, so the owner of the marketplaces cannot leak their data outside or use it for irresponsible action. Personal information is a basic requirement and at the same time, it is also a big challenge. They involve the legal realm for this.
• Supervising the apps
In their effort to protect the consumers’ data while using super apps, China supervises developers to prevent illegal actions such as saving data and privacy. It applies from January 2022 for a lot of apps such as sci-tech, innovation, and marketplaces based on China market research.
Compared to big countries in the world, China digital economy is superior. It has been dominant and contributes to a lot of countries for their economic condition. With more investment coming to the country, China is confident that the country is leading in the future with its innovations.