“Internet Plus” Updates

As Chinese economic growth isn’t quite itself these days, the innovation buzzword keeps growing. State chief councillor Li Keqiang‘s Internet Plus action plan, described in some detail on March 5 last year in his work report to the Third Session of the 12th “National People’s Congress”, is being revived as a news item and covered here by the Washington Post. The article describes an internet town near Haikou as a place where little else can be done:

According to the local government, the Internet Town project will cover the entire Shishan township in 2018, with the completion of an online trading platform and an operation center as well as other facilities. The project will be a major engine for local growth, creating a new source of income for farmers along with the tourism industry that features volcanic tours.

Meantime, the English-language “Global Times” focuses on places where a lot of things that make sense could be done, and where a number of building owners (you can’t say landlord in China) fell for the business concepts of kids whose first profession was to be their daddies’ sons (reportedly, anyway), and who burnt their business war chests rather than using them mindfully. But obviously, the article is generally optimistic about a phoenix [that] will rise from the ashes of the first wave of China’s tech boom.

Chinese innovation may not be exactly what Japan’s industry is waiting for, but Chinese growth is. Ikuo Hirata, a columnist with a number of Japanese papers, suggests that Japan’s prime minister Shinzo Abe should stop counting on China’s economy as a booster for Abenomics, and that the government should lower its growth target.

Hirata also warns that

[w]hile working to reduce excess capacity in the steel and other traditional sectors, Chinese policymakers are also trying to help high-tech industries, such as robotics, sophisticated machine tools and aerospace, catch up with their rivals in advanced economies. The technological prowess of a country that has a successful manned space mission under its belt should not be underestimated.

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Related

» Traditional industries, new bones, April 17, 2015

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