Brands2Life Global partner Tilo Bonow (CEO & Co-Founder of PIABO PR) was invited to speak at Mobile World Congress in Shanghai as part of the 4YFN (4Years From Now) Summit. The 4YFN Summit focuses on key trends and innovations in the areas of tech, mobile and digital ecosystems and he talked about how to support business growth through strategic communication. As well as being given the chance to share his experiences, he also had a chance to explore the show and meet with start-ups, investors and corporations. Here he shares five key takeaways from his time in China:
China is focusing on mobile payments: Globally, China appears to be the most advanced market for mobile payments. The total volume of transactions in 2017 (January to October) was $12.8 trillion USD – the world’s largest mobile payments market.
Online groceries are the next big thing: In 2016, China’s transaction value for retail was 42.6% compared to other nations. In 2018, new forms of online and offline food retailers are expected to create a $30 billion USD business.
China is developing into an eSports giant: While in 2015 the global market of eSports was valued with $750 million USD – half of it from China and South Korea – By 2020, the market value is expected to be around $3 billion USD and have an estimated 250 million gamers.
Artificial Intelligence (AI) gets the full backing of the government: In 2017 China issued a policy draft, which predicts that the country will become a #1 global innovation country in AI by 2030. Furthermore, China announced plans to build a domestic AI industry worth nearly $150 billion USD. The focus is on autonomous driving, computer vision and voice assistance, among others.
But China is being cautious when it comes to crypto: Cautious to protect the status of the yuan and sceptical of anything that could affect the managed economy, China last year put a band on Initial Coin Offerings. However, the country sees the development of managed cryptocurrencies as a priority for 2018 to potentially sit at the forefront of blockchain-technology.
China is a global leader when it comes to ensuring technological progress, demonstrated by the increasing number of investments from European companies in China and vice versa. We already saw some interesting developments emerge from Mobile World Congress in Barcelona earlier this year but it’s going to be fascinating to watch and follow what happens in the Far East.