The use of FinTech has dramatically changed the culture within China. Chinese consumers are pushing changing habits from traditional retail stores to online shopping as a result of company initiatives. Unlike other parts of the world, China is incredibly progressive in terms of loans. Companies like AliPay are offering loans within seconds through mobile apps and online services. Traditionally, it can take several days to weeks to approve credit loans. This is changing the ways in which Chinese are able to access credit and will let them spend more money within their economy. These types of technologies could be in the beginning of the future for other countries and could push other countries to allow for similar infrastructures.
Reference: www.scmp.com/business/china-business/article/2073798/how-financial-technology-driving-chinese-consumer-spending