What the Article Says:
As Financial Technologies and innovations become more prevalent in China, the favoritism for frugality is now shifting toward a more generous mindset. These are thoughts of Li Zichuan, a senior analyst at a Beijing-based consulting firm. “Advances in technology and the popularity of mobile devices have together cemented the foundation of internet finance. As big data and AI technologies are becoming more mature, the uses of financial technology can be widely expanded and are fast becoming a potent driving force of consumption,” Li continues.
It is evident that companies are beginning to increase their collaboration to tap into the needs of their customers. This involves increasing online loans, bank transfers, and monetary exchanges. Spending is expected to continue rising in China, sparking even more growth for the global economy.
My Thoughts:
I think this is just as great for the U.S. as it is for China. Increasing innovation from a global perspective offers more and better products for consumers, while bringing people together from around the world. As China has typically been a manufacturer for U.S. goods, I am interested in seeing if there is a shift away from this norm as innovation rises abroad.
Source: http://www.scmp.com/business/china-business/article/2073798/how-financial-technology-driving-chinese-consumer-spending