{"id":11568,"date":"2023-01-12T07:30:39","date_gmt":"2023-01-12T07:30:39","guid":{"rendered":"https:\/\/focus.cbbc.org\/?p=11568"},"modified":"2025-04-23T09:34:24","modified_gmt":"2025-04-23T09:34:24","slug":"how-the-uk-and-china-can-work-together-to-promote-digital-transformation","status":"publish","type":"post","link":"https:\/\/focus.cbbc.org\/how-the-uk-and-china-can-work-together-to-promote-digital-transformation\/","title":{"rendered":"How the UK can help China’s digital transformation"},"content":{"rendered":"

China has one of the world\u2019s fastest-growing digital economies, presenting a golden opportunity for British tech. CBBC\u2019s Kiran Patel<\/strong> explores how British companies can take advantage of the opportunities in fintech, software as a service, education and more<\/h2>\n

China\u2019s Ministry of Industry and Information Technology published the 14th Five-Year Plan for Information Communication Development in November 2021, following on from the national 14th Five-Year Plan. The macro trend for technology in China is to focus on digital transformation: the mainstream integration of intelligent technology throughout industry to increase efficiency and align development with the 14th Five-Year Plan<\/a>.<\/p>\n

Digital transformation affects operations, business models, and the B2B and B2C customer experience, and whether directly or indirectly, is a key part of the value proposition that the UK can offer China through our vibrant tech and digital sectors.<\/p>\n

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China is one of the world\u2019s fastest-growing digital technology markets with over 900 million internet users and a growing cohort of leading \u2018frontier technology\u2019 companies operating in key growth areas such as big data and AI. In 2021, the value of China\u2019s digital economy reached RMB 47.94 trillion, and by 2025, it is expected that the digital economy will account for 10% of China\u2019s total GDP, increasing from 7.8% in 2020. The integration of intelligent technology has expanded into many areas of business and has presented an array of new opportunities for British companies to support transformation and growth across China\u2019s digital economy. Opportunity areas include software, fintech (including cross-border transaction solutions, reg-tech, wealth management, underwriting and risk assessment, and insure-tech), software as a service (SaaS), and ed-tech.<\/p>\n

China also presents a unique set of challenges to navigate for UK businesses investing in this sector , and in the past year, the Chinese government has introduced several new regulations such as data security and personal information protection laws that have required companies to take appropriate actions to manage data in China. There is however, still a growing consensus amongst UK companies, many of which sit at the forefront of the data industry, that these new laws provide a sound and stable framework for businesses to operate within.<\/p>\n

Moreover, the UK is still a key partner for China and is ranked third globally for investment in emerging technologies such as AI, robotics, IoT and cybersecurity \u2013 accounting for 15% of all investment into the technology sector. Together with the support from the British Government on the development of the industry and its regulatory environment the UK, will continue to be an attractive partner to work with. Frontier technologies such as robotics will continue to play an growing role in both the UK and Chinese economies, and it is likely that businesses will continue to utilise these technologies to improve the delivery of services to their respective customers.<\/p>\n