In June, we wrote about how China’s world-leading innovation in social commerce is being driven by one of the greatest transformations in history: two decades of unprecedented economic growth and wealth creation. That growth has created massive social dislocation – a generation of migrants made their way from the countryside to the city in search of factory employment, leaving behind all the support and family structures of traditional rural life.
This migration has been the largest movement of humans in the history of the world, and it has created unprecedented needs – and opportunities for those who are meeting those needs, both economic and social.
Just as this transformation was happening, another transformation was underway – the arrival of the internet and of mobile devices to access it. As the adage goes, necessity is the mother of invention. China has become the world’s most vibrant laboratory for the application of mobile internet technology.
This post was published at FinancialSense on 09/22/2017.
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