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Rabu, 23 Oktober 2019 06:57:00

Experian's 'Combined Blows' Against E-Commerce Fraud Promotes the Healthy Development of the Platform Economy

HONG KONG, - 22 October 2019 - In China, the internet platform economy is both an emerging form of productivity organisation and a new driver for economic development.

On August 8, the General Office of the State Council issued guidelines on promoting the healthy development of the platform economy.

It said that the prominent issues hindering the platform economy's development should be tackled with concentrated efforts. To promote an orderly and healthy development for platform economy, policy guidance, support and guarantee should be intensified according to the law of economy and trends.

As a typical representative of the platform economy, e-commerce's orderly and healthy development plays an important role in many aspects, including optimising resource allocation, boosting all enterprises' cross-border and mutual development, encouraging mass entrepreneurship and innovation, promoting industrial upgrading, expanding consumer market, and, especially, increasing employment.

Platform Economy Sweeps Across the Globe with Great Potential in Hong Kong and Taiwan E-commerce Markets

The global e-commerce market experienced strong growth in 2018. According to the E-COMMERCE IN CHINA 2018, a report released by the Department of Electronic Commerce and Informatisation of the Ministry of Commerce of the People's Republic of China in May 2019, the global online retail turnover was $2.8 trillion with a year-on-year growth of 23.3 percent.

Comparatively, the global retail turnover in 2018 was $23.9 trillion and the global online retail turnover rose from 10.2 percent in 2017 to 11.9 percent in 2018. Online retail has gradually become an important channel for global consumption, and the platform economy represented by e-commerce is sweeping across the globe, driving an irreversible globalisation trend.

According to the National Bureau of Statistics of China, China e-commerce turnover reached 31.63 trillion yuan (about $4.72 trillion) in 2018, and online retail sales surpassed 9 trillion yuan with a year-on-year growth of 23.9 percent. As a result, China remains the biggest online retail market in the world. Regionally, e-commerce plays an important role in Hong Kong's economy. Statista estimates that e-commerce alone will generate $4,800 million (about 32.2 billion yuan) worth of revenue in Hong Kong in 2019. That figure will increase with a compound annual growth rate of 7.4 percent from 2019 to 2023, and the market size will reach $6,400 million (about 43 billion yuan) in 2023. The e-commerce industry has enormous potential over the next four years.

Meanwhile, Taiwan's e-commerce market has grown rapidly in recent years, with users showing strong online consumption power. Data shows that by February 2018, Taiwan e-commerce industry saw an average annual growth rate of 7.4 percent in the past seven years, while the overall retail industry's annual growth rate is only 1.9 percent. Market research institute eMarketer anticipates that Taiwan's e-commerce will be able to maintain a 7 percent annual growth from 2018 to 2022, indicating there is still considerable room for growth and development in Taiwan's e-commerce market. (*).

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