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Secretary General Zhou Wenzhong delivers keynote speech at China (Hangzhou) International Business Expo 2014

Time:2014-10-30 16:32:23    Views:1323570    Origin:Boao Forum for Asia

Secretary General Zhou Wenzhong delivers keynote speech at China (Hangzhou) International Business Expo 2014

The China (Hangzhou) International Business Expo 2014 opened on October 30, during which Boao Forum for Asia Secretary-General Zhou Wenzhong attended the Boao Forum for Asia-Global E-Commerce Leaders Summit 2014 and delivered a keynote speech titled “E-Commerce Makes Life More Beautiful”.

The Chinese economy is undergoing in-depth reforms, Zhou said in the speech. While the real economy is experiencing severe pain from restructuring, the e-commerce industry is developing rapidly, Zhou said. The robust growth of e-commerce has not only promoted the development of upstream and downstream industries, including logistics and manufacturing, but also triggered a chain reaction in other industries including financing, catering and tourism, Zhou said. The e-commerce industry, like a catalyst, has sped up China’s economic restructuring and improved the quality of the restructuring. Meanwhile, the emerging industry, which creates huge amounts of health, has brought tangible benefits to the ordinary people and generated welfare for the whole society, according to the speech.

The industry itself is undergoing “ecological changes” after years of development, Zhou said. The industry practitioners have gradually shifted away from the extensive development model, and mergers and acquisitions of various scales are carried out frequently as the competition is becoming increasingly fierce, according to Zhou. Moreover, the emergence of mobile platforms has brought new business opportunities for e-commerce, and industry practitioners would like to grab a bigger share of the rapidly expanding market by going out and tapping the overseas e-commerce market, Zhou added. There is no doubt that China’s e-commerce industry benefited a lot from their innovative overseas counterparts. When eBay dominated the global C2C market, Taobao was just founded. When Groupon, a group-buying phenomenon, hit the US market, meituan.com was just launched in China. After Yelp, a social networking and user review website, took over the US market, dianping.com just started operation in China. However, the disciples finally defeated their masters at their home ground. Alibaba is currently the world’s largest B2B company by market value, though it’s not the first of its kind. Taobao captured a bigger market share than the conglomerate of Eachnet and Ebay five years after it was founded. That’s because the Chinese e-commerce enterprises know the domestic market better, and they innovated their approaches rather than simply duplicate their counterparts’ experience, Zhou said.

The Boao Forum for Asia-Global E-Commerce Leaders Summit 2014 was launched against this backdrop and is expected to promote the integrated exchanges among global e-commerce enterprises, Zhou said. China has more than 600 million Internet users and an annual e-commerce growth rate of 120 percent, making it the fastest growing e-commerce market in the world, according to a survey by Nielsen China. However, many industry experts think that China’s e-commerce industry needs to strengthen internal and external exchanges to maintain high-quality and fast development, Zhou said. The Boao Forum for Asia-Global E-Commerce Leaders Summit 2014, as a good beginning, provides a rare opportunity for industry practitioners to deliberate on the industry’s development trends, Zhou added.

The development of e-commerce should be life-oriented rather than fashion-oriented, Zhou said. Humans are born to consume, and the e-commerce has changed people’s consumption patterns, he said. In the near future, e-commerce will penetrate into every aspects of the society, and subsequently the e-commerce market will not be categorized. Some consumer groups who are on the verge of turning to e-commerce, including the seniors, will become new target consumers that enterprises try to win over and enjoy customized services. Every aspect of human life, including medical treatment, parenting and elderly care, will be covered by e-commerce, which will greatly facilitate people's life. The commerce exchanges between enterprises will also depend greatly on e-commerce. Moreover, various new models of e-commerce will emerge, thus generating a series of industry standards. With regard to specific industries, manufacturing will focus more on design and customized service. A clothing manufacturer, for example, would be able to transfer a customer's data to the machines in its factory through 3-D scanning and deliver the product that was manufactured through 3-D printing technology to the consumer by express. High-quality logistics service providers will survive the fierce competition, while those who lag behind will be eliminated. With the financial industry comprehensively networked, digital currency will replace the real money. Secretary-General Zhou said he hopes the industry practitioners can turn the dream of millions of consumers into reality.

As a high-level platform for Asia's dialogue with other parts of the world on such issues as politics, commerce, academics and media, Boao Forum for Asia has been paying great attention to the development of e-commerce and trying to promote high-level multilateral exchanges among global e-commerce enterprises, Zhou said. The forum has included e-commerce in its agenda in recent years, including the “Another Winter for Internet? – Driving Growth Through Innovation” sub-forum in 2009, the “Mobile Internet, the Sobering Side” roundtable discussion in 2013 and the “E-Commerce vs Traditional Commerce: Zero-Sum or Win-Win” sub-forum in 2014. The forum's 2015 annual conference will draw experience from the E-Commerce Leaders Summit and continue to launch e-commerce events that provide more opportunities for exchanges, Zhou said.

The China (Hangzhou) International Business Expo 2014 was held from October 30 to November 2 in Hangzhou. Themed “New Experience, New Model and New Trend”, the expo gathered global enterprises to discuss industry innovation at the West Lake. During the expo, the Boao Forum for Asia-E-commerce and China’s Industry Development Strategy and the Boao Forum for Asia-Global E-Commerce Leaders Summit 2014 were staged by the Hangzhou people’s government and the Zhejiang provincial department of commerce.

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