Digital economy

In an effort to tighten its grip over domestic data to protect national security, Beijing has implemented the Measures on the Standard Contract for the Cross-Border Transfer of Personal Information, requiring certain personal data processors to sign contracts with overseas recipients before sending data abroad.

Chinese businesses are flocking to Saudi Arabia, in what they see as the latter's "reform and opening up" period of opportunities. While bilateral trade and investment has increased, the Chinese also see Saudi Arabia as a gateway for the Middle East market, in emerging fields such as cloud services and artificial intelligence, and as a vibrant venture capitalist hub.

Researcher Ding Ke looks at the US’s Chip 4 alliance initiative and its implications for China’s semiconductor industry. With the US seemingly intent on containing China’s high-tech industries, it will take a lot of effort for China to keep this sector going and growing, especially if the Chip 4 alliance works out.

Amid the frequent refrain of building a digital civilisation in China, Chinese academic Zhang Tiankan warns of the natural progression assumed in digital progress leading to greater civilisation. Innovations such as facial recognition technology or human tracking devices are placed in the hands of man and can be used for good or evil.

Ahead of the 18th Joint Council for Bilateral Cooperation (JCBC) meetings between Singapore and China — the first to be held in person since the outbreak of the pandemic — Singapore’s Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat sets out a few priorities in taking Singapore-China relations to new heights.

Technology expert Yin Ruizhi delves into the differences between traditional e-commerce platforms such as Alibaba and JD, and “interest-based” platforms such as Douyin and Kuaishou, and explores the possibilities for what e-commerce might look like in the future, as both types of platforms operate alongside each other.

Crypto ban notwithstanding, China’s getting firmly in the act of building Web3 infrastructure to its specifications. While China is unlikely to allow global Web3 to play a role in its economy or the lives of its citizens, Chinese developers and entrepreneurs remain fascinated by the promise of global Web3 platforms and cryptocurrencies. This portends the development of two blockchain markets in China: one which caters to those who “jump” the virtual fence to join in the global Web3 movement, and one which uses blockchain in line with Beijing’s vision.

Researcher Ding Ke believes that the Chinese government is making efforts in using innovation to drive further development of the country and avoid the middle-income trap. But this would prove difficult amid heightened China-US tensions and the trend of economic decoupling.

Technology expert Yin Ruizhi notes that while Bitcoin is a bold experiment in cryptocurrencies, in its current form it is still too unstable and resource-intensive to take the place of legal currencies as a mainstream global currency.