China’s digital economy is a force to be reckoned with. The country now accounts for 42% of global e-commerce, boasts one-third of the world’s most successful tech startups, and conducts 11 times more mobile payments than the United States per year, according to an article from World Economic Forum.
To be sure, China is on track for continued progress, thanks to its rich ecosystem of innovators, a tech-friendly attitude among regulators and government, and its massive consumer market. China’s 731 million Internet users outnumber those in the European Union and the US combined.
These factors underpin projections of rapid growth in China’s FinTech market. Yet China still has a long way to go.
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