KOTRA, "Chinese Market Accelerates Digital Transformation After COVID-19"

[Asia Economy Reporter Kiho Sung] KOTRA published a report titled "China's Digital Transformation and Response Measures in the Post-COVID-19 Era" on the 18th. In this report, KOTRA analyzed the accelerated development of China's digital economy due to COVID-19 and presented business opportunities and response strategies for Korean companies.

KOTRA explained that after COVID-19, contactless and unmanned services have become commonplace in China, increasing demand for related platforms and rapidly advancing digital transformation. Additionally, the Chinese government is fully promoting the development of the digital economy by stimulating the economy through epidemic prevention and resumption of operations.

Both the government and enterprises are actively investing in the "infrastructure," the framework of the digital economy. The Chinese government has designated fields such as 5G, artificial intelligence, big data, cloud computing, and industrial internet as "New Infrastructure (新SOC)" and is making large-scale investments. Private companies are not only investing but also building a digital industry ecosystem through collaboration between enterprises and startups.

In particular, digitalization is being promoted across all production sectors, including services, manufacturing, and agriculture. In service sectors such as wholesale and retail, food and accommodation, logistics, education, and culture, new business models integrating ICT technologies are emerging. The manufacturing sector is also rapidly transforming by adopting smart factories utilizing the industrial internet, robots, smart grids, and autonomous driving technologies.

Consumption is also shifting to digital methods. Characteristics of China's digital consumption include ▲diversification of online consumption platforms ▲expansion of O2O consumption combining online and offline ▲establishment of digital consumption methods such as digital coupons.

Kwon Pyung-oh, President of KOTRA, stated, "COVID-19 is accelerating China's digital economic transformation," and added, "Understanding the rapidly emerging Chinese digital ecosystem and responding proactively will create new business opportunities for our companies."

This content was produced with the assistance of AI translation services.