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The Rise of the Digital Economy in China


While the effects of the COVID-19 pandemic were felt around the world, it's no secret that the face of the Chinese workforce was significantly impacted. With a myriad of cultural views and strong ethics, getting used to more flexible work schedules and even working from home posed issues for those who are used to very regimented ideals. While there have been some changes in both workplace and employee sentiment that have carried through to 2023, it seems that younger generations are turning towards the digital economy to diversify their opportunities.

What is the digital economy? 

The digital economy is typically defined by economic activities, professional interactions, and commercial transactions that are facilitated on the internet via information and communication technologies. In short, any processes that are undertaken online in digital portals can be described as being part of the digital economy. This environment spans the globe and activities can take place on either national or international levels. It has opened up a wealth of new opportunities and has all but negated the challenges felt in production, marketing, and commerce sectors.

How is the digital economy growing in China? 

In terms of the global digital economy, China is currently ranked as the second largest behind the US, and this is largely due to the technologies that support it, such as cloud computing, big data, AI, IoT, 5G communications, blockchain technologies, and similar advancements. With the growing uses in capabilities, younger generations in China are beginning to opt for employment opportunities within the service sector as opposed to the more common manufacturing roles. One of the top reasons that younger demographics are turning towards these types of jobs is accessibility, but flexibility and ease follow close behind. This is perpetuating the digital economy right now - and things don’t seem to be slowing.

Growing digital opportunities

Right now, there are few positions and a higher number of graduates seemingly every year and the Chinese domestic labour market is unable to keep up with demand. More and more university graduates are now moving home and working in family businesses and making the most of opportunities within digital environments.

One of the growing sectors around the world that is further diversifying the digital economy is social media, and these platforms are now bringing even more capabilities for generating income and are also impacting audiences in unprecedented ways. Right now, almost anyone can create videos and share them online for monetization (CapCut has stepped in with a YouTube video editor to streamline these processes and offer professional quality results with no outlay or experience).

Younger employees are also beginning to consider the opportunities that come with online learning and are making use of digital portals to learn new skills, improve their spoken English and more to better offer their services in global markets. Video editing software is fast becoming a staple tool as video stabilization can help to create professional quality presentations, virtual job applications for interview purposes and more.

Source: limnews

All business articles on 2023-12-08

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