Jun 10, 2019 by Aldis Tannos
The relationship between digital technology and economic growth was elevated to the global platform when China’s Luohan Academy released its research paper at the 2019 World Economic Forum in Davos two months ago. Created by Alibaba Group Holding Limited, the
‘Digital Technology and Inclusive Growth’, the report, demonstrates how digital technology can drive supply chains in ways previous technology cannot, especially when the cooperation between policies and public/private sector are supportive.
“With public/private joint efforts and the right policies, the digital age presents new opportunities for emerging markets that did not exist before,” says Chen Long, director of the Luohan Academy.
The highlights contained in the report include several pointing to larger macro-economic trends:
Chen Long notes that most populous nations and the world’s largest ports are located in the Pacific Rim. “The large population and economic scale mean the huge potential for digital technology’s adoption and penetration,” he says. “While China has a lower GDP per capita and less advanced traditional commercial and financial services than the United States, Chinese consumers are eager to take advantage of e-commerce and mobile payment to meet their daily necessities and improve their living standards.”
It is reported that while previous technological revolutions have seen the rise of supply chains, the digital disruption has spawned new platforms where coordination spans beyond traditional boundaries.
The report observes that while previous technological revolutions have seen the rise of supply chains, the digital disruption has spawned new platforms where coordination spans beyond traditional boundaries and enhances the production and sharing of vital information.
Launched in June 2018 in Hangzhou, the Luohan Academy is focused on addressing universal challenges that arise from the rapid development of digital technologies. With 16 Nobel Prize laureates and prominent academics as committee members, the institute aims at bringing together the top scholars in the world to study the most pressing issues of the digital economy and advance the research of technology and its impact on humanity.
Rosemary Coates, the executive director of the Reshoring Institute and president of Blue Silk Consulting, applauds this initiative, noting that the findings contained in its recent report have other significant implications for logistics managers.
“China is leapfrogging the U.S. and other countries by rapidly deploying the latest mobile technologies for everyday applications such as banking and shopping,” she says. “The speed of adoption of new ways of doing ordinary things on a mobile phone is astounding.”
China is also making very significant progress in the development of Artificial Intelligence (AI), adds Coates, which is breakthrough technology that will change our lives. “But most importantly, China’s focus on education and the technology to support it is the pathway to that nation’s future.”
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