Thursday, March 15, 2018

China's Mobile Economy by Winston Ma

Heard about this book from someone on Dayre and it sounded interesting so I decided to borrow it!

China’s Mobile Economy is about the shape of China’s Internet Economy (which is very much shaped by the smartphone). Through ten chapters, the book explores:

- Stakeholders in this mobile economy
- Xiaomi
- Digital retailing
- Entertainment
- The O2O (online to offline) model in the movie business
- The effect of the internet on finance
- Trends, opportunities and challenges of internet and tech companies in China

Within each chapter are columns that explain more about certain cultural terms or norms that may not be immediately obvious to a foreigner.

You don’t have to be an expert on China to read this because the first chapter is on the mobile economy. It will, however, help if you know a little about things like “omnichannels” (which are basically multi-channels but with complete integration).

As you can imagine, this book covers a lot. It’s definitely something to be read a couple of times, because I think it would be very difficult to fully understand everything that this book is talking about on the first read.

Two things mentioned that I thought were interesting were:

- China’s Internet literature: it’s not something I hear a lot, but it seems like the barriers to self-publishing are pretty low and the appetite for serialised, mobile-friendly stories are high. The business model for sites like Shanda Literature is something that Wattpad could learn from (although whether Wattpad’s userbase is open to paying for subscriptions is another matter)

But the fact that online authors exist in great enough number that ranks can be made is very exciting!

- The way the finance industry is being affected. The book specifically mentions WeBank and that it innovates by providing microloans to the public, conducts all operations online, and creditworthiness is analysed by big data.

Personally, I wished for a bit more discussion on the third part because the big data part is very Black Mirror-ish (if you don’t believe me, Wired has a couple of good articles on the issue, including “In China, a three digit score could dictate your place in society”, which has a few not-so-positive first-hand accounts).

Overall, the book is very positive and a good introduction to how China is changing and has been changed by the mobile economy. It doesn’t cover the manufacturing side of things (although it’s arguable related since the infrastructure will play a pretty important role in the future) but I suppose the book would have been far too long if it didn’t have a focus! It’s a bit academic in tone but definitely worth reading if you want to find out what’s going on!

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