"“In less than 10 years, China has leapfrogged more-developed nations to become the world’s leader in e-commerce and mobile payments, according to a newly released report from Luohan Academy, a think tank launched last year by Alibaba Group”."
China has advanced to be the leader in e-commerce and mobile payments in less than 10 years says Luohan Academy’s report. Dr. Chen Long, head of the Academy, says that digital technology can make inclusive growth: in China more than half of the online entrepreneurs are women and around 160.000 individuals with disabilities have internet businesses. Luohan Academy, launched by Alibaba, tries to aid the world to know how to power digital technology to profit everyone. The digital revolution has two differentiators that help inclusive growth: 1) Digital technology has a low threshold for adoption and its penetration doesn’t rely on the economic development of the country. 2) Digitized information is non-rivalrous so people can use goods and services at the same time with no virtual cost. China’s mobile internet users made 100 times more mobile payments than U.S., accounting for $22 trillion in 2017. E-commerce helps Chinese businesses; it made the average distance between buyer and seller up to 1.000 km and increased the variety in products selection. Ant Financial uses consumer’s digital footprints to check for the person’s credit-worthiness, reducing the fraud to one in a million. With this, and considering that there are 1.2 billion people in China using mobile payments, the company gave more than 8 million SMEs in China funds without collaterals. Governments have to create policies and regulations that help education and encourages entrepreneurship. China can be a model to others due to its inclusive growth impulse by the adoption of digital technology.