In this second article in a series on the metaverse, technology expert Yin Ruizhi says that video creation platforms like Douyin and Kuaishou, as well as sandbox games such as Mini World, might give an idea of how users can help create the virtual world in the metaverse if the financial and creative bar is lowered such that participating is as easy as 1, 2, 3.
Digital
Technology
One of the hottest buzzwords recently is the metaverse. In this first article in a series on the topic, technology expert Yin Ruizhi explains what the metaverse is, what would make it viable and why creating the metaverse is still very much a pipe dream.
Technology
Academic Pei Sai Fan says that one should dream big with the metaverse and not only see it as a new avenue of making money. By creating a new virtual universe from scratch, we can make good use of the blockchain-based metaverse to promote an equitable, more transparent and more inclusive rules-based international digital currency and financial system and enhance the global governance system to deal with issues facing all countries. This would require a global approach and China is well placed technologically to actively participate and lead the effort with like-minded nations in creating such a metaverse. It would be a pity if countries squandered such an opportunity to truly build a better world for all mankind.
Technology
The metaverse is the latest tech industry buzzword that has generated great interest among Chinese tech companies and China's capital market. Not everyone is equally enthusiastic, however, as Chinese authorities appear to be taking a cautious approach, attempting to strike a balance between regulatory control and the risk of stifling innovation. Caixin explores what's in store for the metaverse.
Economy
On 2 November, Tesla founder Elon Musk cryptically posted on social media an old Chinese poem, sparking discussion on what the poem meant — and what Musk meant. The controversial Musk, who has been quoted making comments supportive of China, has nevertheless faced challenges in bringing Tesla to China, including recent incidents of complaints against Tesla’s brake systems allegedly malfunctioning. However, efforts to handle such negative publicity seem to be working, as Tesla continues to grow strongly in China.
Technology
Observers of China-US competition have commented that a tech war is rapidly becoming the decisive battleground in the big power rivalry for global dominance. While there have been reports saying that the US may lose this war, visiting senior fellow at the RSIS Dr Cung Vu thinks that given the US's recognition of the importance of technology, and China's recent acts of reining in its tech companies, the US should continue to lead.
Technology
Technology specialist Yin Ruizhi says that many users of platforms like Douyin, Kuaishou and WeChat spend hours each day scrolling aimlessly for interesting content, and the art of directing these potential consumers to their products through content creators is complicated. To facilitate this process, it is necessary to ensure fair competition for all participants. This is where anti-monopoly rules can play a part, and with a growing cyberspace, it will be an ever more complex task.
Technology
In the digital era we live in, seven “super platforms” in the US and China constitute two-thirds of total market value worldwide. Yet we hardly see any significant joint efforts or “healthy competition” between the US and China to help combat digital divides in the least developed countries. These are places where more than 80% of the population are still offline and the problem has been compounded by the pandemic. How can the US and China do more where help is most needed?
Economy
Central bank digital currencies (CBDCs) can potentially optimise and vastly improve the central bank’s monetary policy transmission with preset conditions to incorporate forward-looking and counter-cyclical features. This means that central banks can accurately control the amount, direction and intensity of liquidity or money supply flowing to the desired industries, thereby allowing industries to achieve an optimal level of production and reduce the risk of inflation or deflation. Earlier this year, China tracked and paid wages to builders in Xiong’an using its digital RMB, e-CNY. Is this a harbinger of things to come?