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January 21, 2022

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Better synergies between industries, digital economy

The digital economy and synergies between industry segments has drawn attention from members of this year’s Shanghai Committee of the Chinese People’s Political Consultative Conference’s annual session.

Chen Jinlong, a member of the Shanghai Committee of the China Association for Promoting Democracy, said the digital era instills new momentum for the cultural, tourism and shopping sectors.

Embedding digital technologies into the commercial services and tourism sector could allow Shanghai to become a role model for enhancing a consumption center.

He proposed more incentives to stimulate cross-industry development that would increase the appeal of major business districts.

Retailers are forging ahead to offer digital technologies enabling new service and leisure spending.

Starbucks, which set up its Chinese headquarters in Shanghai, launched a new service earlier this week for customers to order meeting space and semi-open office areas at select stores.

The company also plans to add coffee-related community activities in the future as well as birthday parties and pet gatherings.

For the value of data to be fully unleashed, PwC Asia Pacific and China Chairman Raymund Chao suggests that the city government should encourage companies to disclose data assets as part of their financial filings to help risk assessment and management decisions.

For the asset value of specific industry data, he proposes creating a pricing mechanism for different types of data.

The Revolutionary Committee of the Chinese Kuomintang’s Shanghai Committee put forward a joint proposal to encourage district-level authorities to offer incentives to industry-leading digital players as well as small and emerging companies.


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