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Eight Highlights of the 'New Economy' in 2017

Pub Date:18-01-10 09:49 Source:China Daily

China has witnessed a boom in “new economy” industries in 2017, according to a report by Security Daily.

The report summarized the highlights in eight sectors such as artificial intelligence, the sharing economy and new energy vehicles.

A large number of startups in those fields have prospered last year.

Let’s take a look at the full results.

No 1 Unmanned retail showed signs of overwhelming expansion

Not only have e-commerce giants such as Alibaba and JD launched unmanned stores since 2017, but traditional retailers such as Hangzhou Wahaha Group have also joined the race. Thanks to the application of AI technology and big data, unmanned retail is expected to bloom in 2018.

No 2 Autonomous driving faced a 40 trillion yuan ($6.16 trillion) market

The application of autonomous driving is projected to transform existing auto manufacturing, powering and designing. In September 2017, Baidu teamed up with Microsoft for the $1.5 billion "Apollo Fund" to invest in autonomous driving projects over the next three years.

No 3 Intelligent logistics robots became a burgeoning area for investment and R&D

With the development of e-commerce, logistics faces a boom in parcels. E-commerce giants and leading logistics companies have embarked on the development of intelligent logistics utilizing robots and other intelligent devices to improve efficiency.

No 4 The sharing economy had a bittersweet development

The sharing economy has penetrated people’s daily lives in many areas such as bike sharing, car sharing and phone charger sharing. However, major companies such as ofo and Mobike took a large bite out of the market and left the small fish struggling to survive.

No 5 The sale of new energy vehicles surges

Factors including government incentives and rising green consumption values drove the rapid growth of new energy vehicles. Over the first 11 months of 2017, sales of new energy cars totaled 609,000, up 51.4 percent year-on-year.

No 6 First international commercial standard was set by 5G telecommunication technology

The Third Generation Partnership Project ratified the first 5G international standard in Lisbon on Dec 19, 2017. China played a key role in the development of 5G international standards.

No 7 Big data maintained and increased its advantages

China embraced a year of growth in big data and created various new models and businesses.

No 8 Digital content consumption enjoyed rapid development

The number of viewers buying memberships in video services was estimated to rise to 100 million in 2017. Chinese audiobook provider Himalaya FM’s monthly active users reached 35.67 million by October 2017, according to a report by Analysys Ltd.


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