Digital civilization reshaping China's business landscape: Tencent's senior executive

Source: Xinhua| 2018-10-24 18:52:03|Editor: Yurou
Video PlayerClose

WASHINGTON, Oct. 23 (Xinhua) -- The fast developing digital civilization is reshaping China's business landscape, offering new opportunities for companies, a senior executive of Chinese internet giant Tencent said Tuesday at a U.S. forum.

"The digital civilization is reshaping people's lifestyles, companies' organizational structures, as well as societal values and beliefs. It will impact the entire society, from organizations to individuals, and China may be a best example," SengYee Lau, Tencent's senior executive vice president, said at a forum of marketing executive in the U.S. city of Orlando.

"The digital economy has been one of the major drivers of China's economic growth over the past two decades. Now, 32.9 percent of the country's total GDP is derived from its digital economy, which has the fastest growth rate in the world," said Lau, who is also chairman of Tencent Advertising, and Group Marketing and Global Branding.

"What's important is that the impact of the digital economy on China's society, from industry to agriculture and service industries and from transport to healthcare, municipal service and education, has resulted in the establishment of a 'Digital China,' which has led to significant changes in the business ecosystem and brand values," he said.

Tencent, a conglomerate that offers social network, music, e-commerce, gaming, and other services, has been a major player in the Chinese internet boom for more than a decade, it's most widely used products include instant message software QQ and WeChat.

Lau said companies must adapt to the evolving business environment boosted by digitalization, by becoming "smarter."

"Becoming a smart brand will be the nexus of brand evolution ... every brand will become a smart brand and connect with users in a smart way," he said, adding that his company is set to promote digital upgrades in traditional industries such as retailing, healthcare, education and transport.