Digital economy

Beijing has put in place new measures to tighten its grip over domestic data to protect national security. (Thomas White/Illustration/File Photo/Reuters)

How China is tightening controls over cross-border data transfers

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.
This picture shows a poster depicting King Abdulaziz bin Abdul Rahman Al Saud (left), the founder of the modern Kingdom of Saudi Arabia, King Salman bin Abdulaziz Al Saud (centre), and Crown Prince Mohammed in Riyadh, Saudi Arabia, on 16 April 2023. (Fayez Nureldine/AFP)

Chinese firms flock to Saudi Arabia in Middle East gold rush

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.
A researcher plants a semiconductor on an interface board during a research work to design and develop a semiconductor product at Tsinghua Unigroup research centre in Beijing, China, 29 February 2016. (Kim Kyung-Hoon/Reuters)

Can China's semiconductor industry survive under sanctions and the Chip 4 alliance?

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.
A QR code for Covid-19 contact tracing was displayed at the entrance of a shopping mall in Shanghai, China, on 29 November 2022. (Qilai Shen/Bloomberg)

China's growing digital economy does not guarantee a 'digital civilisation'

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.
Singapore's Deputy Prime Minister Heng Swee Keat (left) with Chinese Vice-Premier Han Zheng at the Diaoyutai State Guesthouse in Beijing, China, on 22 May 2019, at the start of his week-long visit to China. (Ministry of Communications and Information)

Heng Swee Keat: Singapore and China will build better future for region and the world

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.
Short video platforms Douyin and Kuaishou have focused on a new model of "goods seeking people". (Internet)

Newcomers Douyin and Kuaishou takes on tech giants to refresh the face of e-commerce

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.
Silhouettes of laptop users are seen next to a screen projection of binary code are seen in this picture illustration taken 28 March 2018. (Dado Ruvic/Illustration/File Photo/Reuters)

Web3 with Chinese characteristics: Finding China's solution for regulators, developers and users

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.
People walk along a street in Beijing, China, on 17 July 2022. (Noel Celis/AFP)

China can overcome the middle-income trap with technological innovations

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.
A representation of cryptocurrency Bitcoin is seen in front of a stock graph and US dollar in this illustration taken 24 January 2022. (Dado Ruvic/Reuters)

Why Bitcoin can never be a mainstream currency

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.