“Hopefully, with digitalization, the world will become a ‘little planet’.”
As countries struggle to respond to the pandemic, China is now sending a message that they have overcome the crisis at home and is ready to help others.
The ongoing COVID-19 outbreak has hit the Chinese economy dramatically due to the measures that China has taken to restrict the movement of people – such as imposing the lockdown. Naturally, these restrictions have adverse effects on the travel and tourism industry, operations of shops and factories as well as labor migration. However, it is likely to generate negative economic impacts only for one or two quarters, but not the whole year.
In recent years, Singapore has taken a sharp turn towards being a “smart nation”, transitioning and adopting cashless payment methods – leading to a humongous shift in the way Singaporeans especially, local businesses deal with making payments.
In 2002, when SARS (Severe Acute Respiratory Syndrome), a pneumonia-like virus broke out in China, the country was mostly supplying the World with low-cost goods like t-shirts and sneakers. Today, China is one of the key commerce players in the global economy.
The B2B marketplace has always been flourishing in China, however up till recent years, the B2B marketplace has always been doing business through traditional ways – cold calls or exhibitions. Other major B2B traditional methods have been done via “Guanxi” – to have the right connections to the right people and perhaps, drinking a lot of baijiu.