How big data will help shape China’s economic future
- Chinese companies, even smaller exporters, are increasingly focusing on developing supply chains to leverage data and consumer insights
- Firms could target international and domestic consumers using data from e-commerce giants, with the main players shifting to meet demand for advanced technology
As the Covid-19 economic crisis takes its toll, Chinese exporters are turning to big data to refocus their efforts in the domestic market and secure long-term export growth. Combined with the growing applications of big data, the rapid changes manufacturers have had to make this year give us a key indication of what the future holds for the Chinese economy.
China’s efforts to become the global epicentre of big data analytics, artificial intelligence and technology are no secret. President Xi Jinping has made clear Beijing’s plans to become the AI leader by 2035, using sequential data capabilities to guide strategies encompassing the economy, national intelligence and military enhancements.
A report from Mordor Intelligence surmises that Chinese companies are increasingly focusing on developing supply chains to leverage data and consumer insights. Examples of China’s plan for enhanced data capabilities can be seen in the business models of Tencent, Alibaba, JD.com and Baidu.
The importance of big data and its multitude of benefits have been magnified by the economic uncertainty during the global pandemic.
