BEIJING, March 22 (Xinhuanet) -- Internet economy has brought huge benefits to the world while posing threat to the traditional economy. But the two could progress in good coordination in the Internet age.
This is the idea expressed by Chinese and foreign economy and technology experts in recent interviews with Xinhuanet.
“The Internet is one of the major, fundamental innovations in the 20th, 21st century,” said Ulf Henning Richter, Associate Professor for Global Business and Strategy at Tongji University.
He said that using smarter solutions, including the Internet economy, is necessary to reach the goals of global and Chinese economy.
Scott McIntyre, interim director of Student Entrepreneurship at the University of Toledo, agreed the Internet enables people to take economic independence more into their hands, rather than relying on the government for traditional jobs.
However, there are challenges that might come with the booming Internet economy.
Dan Steinbock, a global economic and policy analyst, admitted the Internet of Things (IoT) and robotics will result in great efficiency.
But they will also reduce the role of labor-intensive activities, which have supported economic development in the poorer nations, Steinbock said.
“What we need are innovations that are more useful and support all people,” Steinbock added.
The experts pointed out that traditional economy in major countries has to evolve and adapt to the new circumstances of the Internet age.
The Internet companies are reshaping the market landscape and aggressively competing with the traditional giant players, Zhang Zeen, a data management expert, noted.
They are providing cost-effective services, targeting new market segments and creating innovative products, Zhang added.
Zhang indicated that it’s important to have proper management of the relationship between innovation and regulation, and innovation and tradition.
“Innovation is ensured by a stable, open and well risk-controlled environment, " said Zhang.
The experts held that traditional economy is essential to the long-term development of Internet economy.
According to Peter Adriaens, Professor of Engineering, Entrepreneurship and Finance at the University of Michigan, the Internet economy is rapidly scalable at a low cost, but it does need traditional economy to survive.
"You cannot have a service economy or an Internet economy without actually having the hard infrastructure underneath it," he pointed out.
The experts agreed that traditional economy and Internet economy may progress in good coordination in today’s Internet age.
Alon Melchner, a virtual reality expert, noted that the threats will certainly exist but there will always be solutions for the two to advance together.
Melchner pointed out that we should not be excessively afraid of the potential dangers brought by the Internet, such as information leakage.
“This is not the way to think about the future because we will be closed in our fears, in our concerns rather than evolving. I believe in evolving,” he explained.
