Innovation is prime motivation in China, could Australia benefit?

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// China’s not waiting for AI, machine learning and all the rest to take hold. Nor should you…

In China it seems, a job is never done and a company is never complete. Stagnation is not a term in their business vocabulary.

With ‘innovation’ the buzz word for every investor, entrepreneur and business, cutting edge technology is constantly being implemented to enhance customer experience, increase profitability and enhance efficiency.

David Thomas, a China expert speaker and author, believes China is harnessing technology potential that Australia has overlooked, and companies should aim to cash in on their ambition.

“Chinese investment into Australia has slowed down significantly in the past two years for a range of economic, strategic and political reasons and we can no longer rely on inbound investment flows to boost our capital-raising activities,” he said.

“But the money is still available in China, and so is a large domestic market, meaning that we now need to commercialise our ideas, products and services in China to profit from their own domestic ambitions.

Australia is well positioned to take advantage of this.”

David Thomas

This productivity driven attitude has succeeded in transforming many of the technologically underdeveloped sectors – such as retail, healthcare, education and tourism.

Artificial intelligence is now

Instead of discussing AI in futuristic, sci-fi terms as tends to happen, China refers to it as a ‘catalyst for growth in new industries’.

Jobs are replaced by robots and new services and products are emerging, meeting the demand created by extra leisure time and the growing appetite for travel.

Tencent, developers of WeChat, are also refusing to rest on their laurels.

Despite being the fifth largest internet company on the planet, heralded as transforming the internet age in China, and overwhelmingly successful growth and popularity, Tencent is aiming to reinvent themselves.

The awaited launch of their ‘Industrial Internet’ project, which will supposedly merge the ‘virtual world’ with the physical one via use of big data, AI and customer relations management tech, the $300BN company clearly aims to set a milestone in the internet age.

Too big an opportunity to waste.

“China is focused on technology, innovation and the rollout of 5G in China and across the world,” said David Thomas.

“This is an important moment for China. With 18,000 new Chinese companies being created every day, mainly internet, AI and big data companies, and with the 5G network expected to be fully functional in China before the end of 2020, we’re going to see some enormous changes in just the next 18 months. As a local venture capitalist said to me ‘the Chinese are crazy about entrepreneurship’!”

David Thomas

China’s innovative economy is at a very lucrative peak and Australian companies would be wise to take advantage of this and should do so soon advises Mr Thomas.

“Don’t wait another 10 years to start your China Journey,” he warns.

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To hear more about David Thomas’s propositions regarding Australia’s involvement in the Chinese market visit http://www.davidthomas.asia/ . David Thomas is a keynote speaker and author on future trends, innovation, leadership and globalisation, including the Asia Pacific.

PHOTOS: Supplied.