Dig­i­tal sec­tor de­vel­op­ment very vi­brant

Global Times US Edition - - BIZUPDATE - By Li Qiaoyi in Wuzhen

China’s con­tin­u­ing ef­forts to im­prove the mar­ket and pol­icy en­vi­ron­ments for in­ter­net busi­nesses have given rise to an in­no­va­tive and vi­brant in­ter­net sec­tor, said a blue book on in­ter­net de­vel­op­ment re­leased on Thurs­day at the fifth World In­ter­net Con­fer­ence in Wuzhen, East China’s Zhe­jiang Prov­ince.

An ar­ray of Chi­nese in­ter­net busi­nesses has honed their in­ter­na­tional com­pet­i­tive­ness, ac­cord­ing to the book, not­ing core tech­nol­ogy break­throughs ought to be made to foster new com­pet­i­tive ad­van­tages.

Tech­no­log­i­cal strength lies at the core heart of in­ter­net busi­ness com­pet­i­tive­ness, Yao Jinbo, CEO of US-listed clas­si­fieds firm 58.com, of­ten de­scribed as China’s Craigslist, told the Global Times on Thurs­day at the con­fer­ence.

Stat­ing that his com­pany has upped the ante on re­search and de­vel­op­ment, Yao be­lieves that the govern­ment’s con­tin­ued sup­port, ex­em­pli­fied by the re­cent an­nounce­ment to launch a sci­ence and tech­nol­ogy in­no­va­tion board on the Shang­hai Stock Ex­change, will help foster in­no­va­tion in the in­ter­net sec­tor.

As of December last year, a to­tal of 102 Chi­nese in­ter­net firms had floated on do­mes­tic and over­seas mar­kets, a 12 per­cent in­crease year-on-year, said sta­tis­tics from the China In­ter­net Net­work In­for­ma­tion Cen­ter. Chi­nese uni­corns, mean­ing tech star­tups scor­ing a $1 bil­lion val­u­a­tion or more, had hit 77 by the end of last year.

Uni­corns with val­u­a­tions of more than 100 bil­lion yuan ($14.43 bil­lion) have kept emerg­ing, arguably stars driv­ing China’s dig­i­tal eco­nomic growth, the blue book said.

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