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Traditional Industries Combined with E-Commerce will Start New Economy: Experts
China will kick off its new economy only after its traditional industries turn to E-commerce, Chinese network talents said at the U.S. Asia Society's 11th Annual Corporate Conference.
"If the two sectors successfully merge together, there will be no limit to China's next round of economic development," said Jack Ma, chairman of the Alibaba.com Hong Kong Ltd.
He said that with the approaching entry into the World Trade Organization, China needs to sharpen it competitive edge in economic globalization by introducing a new concept and a new mode of economic development. Combining traditional industries with E- commerce is the best mode available.
China ranks 7th in the world in terms of economic volume, but its labor-intensive traditional industries are not competitive in the world market. However, China's network market has developed rapidly, with a prospect of becoming the world's largest network market by 2002.
If traditional industries turn to the Net for information, technology and sales outlets, that will create one of the largest E-commerce markets in the world, said John Wang, chairman of the Beijing Everest E-Commerce and Network Service Co. Ltd.
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