On day two of the Sumner Davos annual meeting in Tianjin, China, the Deputy CEO of Deloitte China, Dora Liu shared her insights on how China’s economy and technology might contribute to the world’s economic recovery with the focus of discussion being innovation and technology.
Speaking in an interview with CGTN journalist Xu Xinchen, Ms. Liu stated that she believes that the tourism industry in China plays a key role in stabilizing the global economy. According to her, tourism has the potential of generating revenue for multiple sectors including accommodation, food and beverage, and retail not only in China but globally.
Another sector which she believes plays a significant role in the stabilization of the economy is the digital economy. The digital economy refers to the use of information technology to create, market or consume goods and services and includes online educational courses, e-marketplaces, streaming platforms, e-commerce and social media. According to her, the digital economy is widespread and it is the accelerator of economic growth.
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“Digital economy in China is so important that now digital related economy reached 42 percent of the entire GDP, over 50 trillion in the fiscal year 2022,” she said.
The third contributor as stated by Ms. Liu is the green economy. According to UNEP, green economy is one that results in improved human well-being and social equity while significantly reducing environmental risks and ecological scarcities. It entails renewable energy, green buildings, clean transportation, water management, waste management and land management.
In addition, she explained the role of the digital economy as a key contributor of the world economy saying, “ in China, more than 20 percent, I believe its close to 25 percent of retail is online. Out of these, 25 percent of retail, 90 percent, we do it on mobile phones.
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China and other businesses are investing a lot in the digital transformation of enterprise, manufacturing to be particular smart manufacturing. AI and Cloud Computing are the areas we believe contribute to digital transformation not for China only but for the global economy.”
She further said China’s digital economy has a great potential in developing countries while emphasizing the need for 5G network which over 50 percent of it is built and operated by Huawei. That, according to her, is how Chinese companies and China technology is contributing to the global economic growth.
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She concluded by urging the world to collaborate and to jointly contribute so as to achieve economic growth and sustainability.
