IDC: China has unique position in digital age

China's reform and opening-up over the past 40 years has brought great change to the country's consumer and technology sectors and paved the way for a better future, according to Kitty Fok, managing director of International Data Corporation China.

With a variety of products available and consumer incomes improving, the market is open enough and consumer upgrades are moving the whole economy forward in China, Fok said in an exclusive interview with China Daily Website at the World Economic Forum's Annual Meeting of the New Champions 2018, or Summer Davos forum, in Tianjin on Wednesday.

IDC, as a global market consultancy focusing on technology, established its branch in China in 1982. Fok said in the last 10 years, the boom in Chinese technology companies, such as Alibaba Group, Tencent Holdings Ltd, Baidu Inc, Xiaomi Corp and Huawei Technologies, was not only about China but also defined what the technology will be in the world, especially in emerging markets.

In the digital age China, with its large population, huge data banks and a spirit of collective cooperation, has unique competitiveness, Fok said.

For example, even villages in China can get internet access, and the smartphone penetration rate in the country is high even compared with mature markets, she added.

Under the background of the fourth industrial revolution, Fok suggested that in order to find their own advantages and value, it is important for Chinese enterprises to stay focused.

It is very hard for China to compete everywhere and try to win in every single industry, Fok said. "You need to build the platform quick enough so you can build the whole ecosystem, so any industry can just plug in the system, and then you are ready to win."

As IDC has been helping foreign companies enter the Chinese market, Fok found with the Chinese government having issued a series of new measures to further promote opening-up, within the capital industry international investors are very interested in technology companies in China, especially Chinese startups.

Chinese tech companies, having advantages in dealing with emerging markets, are also making movements and strategic investments in the Asian continent, she said.

In addition, Fok said the China-proposed Belt and Road Initiative will not only help countries involved in the initiative build infrastructure, but will also bring technology to those countries to speed up development.

Video by Lin Siyu