Heroes of Ukraine

«Market Leader» - news and previews making you rich.

Thursday, 29 October 05:02 (GMT -05:00)

Business And Politics News

Chinese IT Innovations as an Example for the Resto of the World

China seems to have been trying hard to revolutionize the Internet and entire IT industry through innovation. The international expert community has been seriously discussing the possibility of China setting a good example for the rest of the world when it comes to innovation.




British anthropologist Tom McDonald settled down in a tiny Chinese village 4 years ago in order to study the local approach to using social networks. At this point, the expert has arrived at a conclusion that the local online world is pretty dynamic and innovation-driven. He says that for some strange reason, the western world thinks that the Chinese Internet is kind of boring, with a wide range of various limitations for the user. Meanwhile local users are creative while the local online world is full of life and resembles a carnival.
At the same time, the expert says that the local Internet offers even more opportunities than the one in relatively bigger locations of the Western world. For instance, the expert says that in the village he has been living for the last 4 years, they have started using $G networks while in his native Yorkshire this is still something that’s missing. This is basically why the expert says he has been so interested in those contrasts. In today’s China, even rural citizens are active internet users and have access to the all the advanced solutions the local online world can offer them.
On top of that, this tendency in China keeps on getting momentum thanks to which China has already outpaced the Western world in terms of the amount of available online services, including online payment systems, as well as the ways to use them.
The whole point is, if the western nations want to see their online future, the should look at China. The stats say that China has been among the leaders in terms of internet users for the last decade. Back in 2008, China even outpaced the United States. At this point, around 700 million Chinese go online on a regular basis, with most of them enjoying high-speed internet connection. Apparently, most of them leave in megalopolises, but 178 millions of them still leave in relatively small towns with population of several thousand people.
How do Chinese go online?
The 2 most popular social networks in China are WeChat and QQ. At the same time Sina Weibo – a micro-blogging service – has fewer users even though this is the most popular Chinese network outside China. Apparently, instant messaging has been the most popular function used in the social networks since they make it possible to avoid e-mails for both personal and corporate needs, the expert says. By the way, he says that in China they believe that it’s necessary to make friends with colleagues, and social networks really help people get in tough on a regular basis, especially as they have to devote a lot of time to maintaining those relations.


At the same time, WeChat and QQ are more than just an alternative to e-mail. For instance, QQ offers personal pages with animation, as well as some other features making it possible to maintain schedules, to-do lists, diaries to tell the world about the most important events in your life and so much more, including games, both local and international ones. The bottom line is, QQ can be called an updated Facebook with tons of extra features. At the same time, the expert offers an interesting analogy for WeChat, which is “WhatsApp on steroids”.  The so-called Drift Bottle feature makes it possible to type a short message and send it to the open virtual sea for someone else to find and read it. The app also allows the user to see other users nearby. This feature resembles such popular dating apps as Tinder and Grindr. If you are feeling lonely, you can just shake your smartphone and this gesture will make you visible for people nearby who don’t mind chatting with others. This feature is especially popular with students.


McDonald left China in 2014. Since then the Chinese segment of the Internet has improved a lot and got tons of innovative products and services, including internal currencies used in social networks. Those funds can be used to pay for almost anything, from ordering pizza to taxi. You can even pay your bills and buy tickets with that virtual money. At this point, this online payment method is even more popular than credit or debit cards. Chinese don’t simply copy foreign IT solutions. If you visit WeChat, AliBaba and TaoBao, you will find services unavailable in Western peers, which is why Western companies also has something to learn from their Asian peers.


You are free to discuss this article here:   forum for traders and investors


Add to blog
Got a question? – Ask it here »

SEC Announces $10M Bounty For Whistle Blowers

Publication date: 17 September 12:38 PM

Raygan's Former Advisor Accuses the Fed of a Big Fraud

The former budget advisor under Ronal Raygan's administration, of the founders of the so-called Rayganomics, David Stockman, is a big adversary of the Federal Reserve's policies. He thinks that artificial interest rate cuts coupled with uncontrolled QE (money printing) creates madness in financial markets, thus separating asset evaluation from their intrinsic value of those assets.

Publication date: 23 August 07:32 AM

U.S. Labor Market Disappoints, Economy Slows Down

The employment rate in the United States increased by 167.000 people in July 2020. It's important to mention the fact that the data came in much worse than expected. According to Reuters, this increase was expected to reach 1.5 million people. At the same time, July's figures were much worse than those revealed in June 2020.

Publication date: 06 August 10:06 AM

iPhone as a Payment Terminal: Apple Bought a Startup For That

Apple has recently acquired Mobeewave, a startup specializing in online payments. The price of the deal is 100 million dollars. According to Bloomberg, the company's technology may allow Apple to turn iPhones into mobile payment terminals accepting mobile payments. To be more specific, Mobeewave developed a technology making it possible to make financial transactions between mobile devices through the built-in NFC module.
Publication date: 05 August 09:27 AM

China Makes Blockchain Professions Official

There are 1838 officially recognized professions in China. Now, there list is up by 2 professions - blockchain engineer and blockchain app operator. The Chinese Ministry of Human Resources and Social Security (MOHRSS) has recently confirmed that by updating the list of official professions.
Publication date: 20 July 11:42 AM

South Korea Invests Billions In Blockchain Technologies

By 2025, South Korea is planning to invest over 48 billion dollars in  blockchain. The goal is to digitize all of the industrial sectors of the national economy in this post-pandemic era. According to ZDNet Korea, the president highly rated some of the benefits this process may bring to South Korea.

Publication date: 18 July 09:40 AM

Black Lives Matter - Investors Keep Ignoring Major Riot In US In 50 Years. Why?

Everyone has probably heard of the #BlackLivesMatter riots, which have been going on in the United States for a while. However, international financial markets seem to have been underestimating this event, which happens to be the biggest riots in the USA in 50 years! Why is that?

Publication date: 18 June 07:56 AM

Donald Trump Influences Bitcoin Exchange Rate

Publication date: 05 June 04:42 AM

Only 4 Of All Existing Billionaires Made Their Fortunes With Cryptocurrencies

Forbes has recently published the list of 2095 billionaires from different parts of the world. It turns out that 4 of them owe it to cryptocurrencies. Who they are, the cryptocurrency billionaires?
Publication date: 13 April 11:54 AM

Life After Brexit: EU-UK Talks Are Underway

Publication date: 07 March 09:03 AM