China has been demonstrating to the world how to halt the spread of Covid-19 and the country’s technology sector is also well-placed to thrive in this environment.
The centralised authority was able to impose a country wide lockdown with speed, which was combined with the attitudes of an already virus conscious population, which has learned lessons from the SARS epidemic in 2003.
China, like many other Asian countries, is already a highly tech-enabled society and was able to leverage this with contact tracing and social isolation policing. It also has a very established digitised/mobile economy that was more efficient at meeting the demand shocks — for example, food delivery, online education and Fintech.
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“By being able to limit the virus/economic impact long enough until a vaccine arrives, Asian economies will be better positioned for a stronger rebound on the other side,” stated Kevin Carter, co-creator of the EMQQ ETF.
“It looks like China’s technology sector will emerge way ahead of the US in growth, size and influence, signaling the moment of its transition into a leading global economic power.
“Ultimately, the e-commerce and mobile segments of the world’s economies are getting a significant boost from the behavioral and structural changes taking place in rapid order.”