Weixin, a model for empowering China’s digital economy: APEC China Business Council
Best Practices of China’s Digital Economy Industry 50 The report is the culmination of a joint effort of top domestic and foreign research institutes, think tanks, and consultancies over a nine-month period. Launched by the APEC China Business Council, the project provides a comprehensive and critical overview of how the application of digital technology is reshaping many industries in the world’s second-largest economy. The selection followed rigorous procedures, including screening of applications, on-site expert reviews, assessment meetings and follow-up reviews.
As one of the most popular messaging and social media platforms, Weixin has won the honor for providing exceptional value on multiple fronts. Pragmatic tools in the constantly growing Weixin ecosystem such as Pay Weixin, Mini-programs, WeCom, Weixin Channels and Weixin research enable small and medium-sized enterprises (SMEs) to effectively transition to sustainable operations, provide quality services at low cost and retain customers.
For example, Pay Weixin has proven to be a powerful tool to simplify transactions, improve efficiency and increase connection with customers. Bubugao Group (Better Life) uses Weixin to organize social media marketing as well as support for online and offline collaboration and group buying. In addition, as part of corporate social responsibility programs, Weixin’s Yanhuo Law has benefited tens of millions of small businesses hit hard by the pandemic. The Weixin mini-program is a lightweight and easy-to-use sub-app that doesn’t require any hassle to download and install.
Represented by the Weixin ecosystem, the power of technological innovation stimulates the integration between the digital and real economies of China, effectively promoting economic recovery and leading to the emergence of new consumption patterns, according to the best practice report. Over the years, Weixin has captured hearts and minds of all for its corporate culture and values, enduring competitive advantage and commitment to providing meticulous, considerate and accessible service, according to the report.
Weixin has also made everyday life easier for individuals while opening up new career opportunities. In a report published on April 22, the Chinese Academy of Information and Communications Technology, a research institute under the Ministry of Industry and Information Technology, praised that the Weixin ecosystem was at the origin of the creation of 36.84 million jobs in 2020, an increase of 24.4% compared to the previous year.
As many have observed, the pandemic has accelerated the upgrade of digital technology and its application in society, giving particularly strong impetus to from China pursuit of high-quality growth as the world grapples with the impact of COVID-19.
Carol liao, managing director and senior partner of the Boston Consulting Group, said the 50 service providers are either traditional companies in digital transition or technology companies enabling industrial change. world by giving an overview of from China solutions to go digital.
Recording and sharing of good practices in China helps other economies understand the innovation and new technologies of Chinese enterprises, thereby promoting international trade and facilitating multilateral cooperation in the development of the digital economy, according to Sun Xiao, general manager of the China International Chamber of Commerce.
As a result of their in-depth research, project experts agree that Chinese digital companies are determined to make inroads, are eager to apply technologies to benefit the public, and are ready to propel industrial transformation.