In the second of a seven-part Lianhe Zaobao-Business Times series on China and ASEAN, Zaobao senior correspondent Chew Boon Leong looks at the strategies adopted and challenges faced by China’s tech companies in Southeast Asia.
As Shanghai battles with its worst Covid-19 outbreak, stringent anti-epidemic measures confining almost everyone at home have ground the city to a halt. It is believed that if Shanghai is not able to resume production by May, industries with supply chains in the area will not be able to function, and the automotive industry will be hit the hardest.
For New Oriental Education and Technology Group Inc. founder Michael Yu Minhong, the year 2021 has been a rollercoaster ride of losses amid a crackdown on the off-campus tutoring sector. The company seems to be bouncing back with livestreaming farm sales, but is this all just bravado and a further move away from the company’s origins as an educatonal provider assisting those preparing to study overseas? Yu himself has lamented in the past that the minute the company listed on the NYSE, it went off course. In the aftermath of the chaos, will it be able to recentre itself, or will it continue being swept by the tide?
With many apps in China to choose from to make quick and affordable purchases, Jessie Tan finds that her previous environmentally conscious self who used to forgo plastic takeout containers and seek out pre-loved goods has succumbed somewhat to easy consumerism. A guilty conscience pricks at her, but the conveniences of daily life in China are hard to give up. Even as China commits to carbon emission reductions, aspirations for a better, easier life has continued to rise. How can China enable people to have a life of comfort without leaving a negative impact on the environment?
Analyst Zheng Weibin says that while the China-US competition is a tussle for power that some would compare to the Cold War of the 20th century, digital technology is making all the difference in the 21st century. Today's competition is taking place amid changing definitions of national strength and economic power, and China needs to catch up in terms of growing its digital economy and meeting the challenges that come with it.
In a study on consumers’ shopping patterns across provinces in China, Associate Professor Chu Junhong of NUS Business School and Professor Pradeep K. Chintagunta of the Chicago Booth School of Business found that Chinese buyers tend to buy from sellers they trust, and a seller’s location forms a large part of that equation.
According to a pulse survey conducted by Standard Chartered, Chinese companies are attracted to ASEAN’s large market and potential as regional production bases. External factors such as the Regional Comprehensive Economic Agreement (RCEP) could also funnel greater Chinese investment into the region in areas such as high-value manufacturing, energy and digital services.
The demographic dividend and rapidly developing e-commerce ecosystem in Southeast Asia has attracted many Chinese e-commerce companies to make their foray to the region. However, problems from language to payment and logistics persist. To cope with the changing landscape, platforms are also providing merchants with one-stop services to facilitate their cross-border businesses. In the e-commerce world where everything changes rapidly, platforms and merchants must adapt quickly to survive.
Chen Lifang, corporate senior vice-president and board director, Huawei, delivered a speech at the St. Gallen Symposium themed ‘Truth Matters’. At the virtual session, she stressed that standards and regulations will be two of the most visible embodiments of the interaction between society and technology in a highly digitalised, post-pandemic world. Common regulations and standards will build trust; the more widely they are adopted, the more effective they will be. Is it possible for humankind to build trust across cyberspace and international borders, and work together to construct the future global economy?