华商 Chinese Entrepreneur Issue 10 2021

ISSUE 10

03 专访陈康威 Interview with Anthony Tan

CHI NESE E N TREPRENEU R

14 直播带货风吹到新加坡 Live Streaming E-Commerce Takes Singapore by Storm

Are you in the Wholesale Trade business?

Find out how you can enhance your HR capabilities!

Wholesale Trade Skills Framework The Skills Framework is part of the SkillsFuture movement to promote mastery and recognition of skills, and to foster a culture of lifelong learning.

Developed by the government, together with employers, industry associations, unions, and professional bodies, it aims to provide up-to-date information on industries, job occupations, career pathways, skills-set requirement and training programmes to facilitate the acquisition of skills

Tap on Skills Framework for Wholesale Trade to enhance HR practices in the following areas

Talent Attraction

Talent Performance Management

Talent Development & Retention

Take the first step to find out your current HR capabilities and explore which HR activites you are keen to enhance!

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Code: USME

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热点专题 | Fo c u s

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中华脉搏 | C h i n a B e a t

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C h i n a B e a t | 中华脉搏

CHINA’S BIG DIGITAL TRANSFORMATION Chinese internet companies such as Alibaba, Tencent and Baidu were recently subjected to antitrust investigations and fined for past acquisitions and investments. They were also told to adhere to tighter regulations for their financial arms. Such measures are crucial to create a market environment for fair competition. As China aims to grow its digital economy through international cooperation, Singapore can play the role of application transfer from China to other ASEAN countries.

GU QINGYANG Associate Professor Lee Kuan Yew School of Public Policy

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The digital economy is a key focus in China’s 14th Five-Year Plan.

WHY IS THE CHINESE GOVERNMENT IMPOSING TIGHTER REGULATIONS FOR CHINA TECH COMPANIES? China has made some important adjustments in its economic development strategy in recent years. For domestic economy, the emphasis has

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shifted to the rule of law, marketisation, and creating a better business environment, to establish a unified domestic market with high efficiency, standardisation and fair competition, and promote high-quality development of an internal circular economy.

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As for international economy, due to suppression by the United States, China is attempting to change its past strategy of participating in the international division of labor based on low-cost advantages, and hopes to be more involved in globalization and the global industrial division of labor at a higher level through developing high-tech industries.

In order to achieve the above goals, it is very important to create a domestic market environment for fair competition. This is a prerequisite for promoting high quality economic development, as fair competition is the core of the market economy system. Antitrust measures are not only essential to ensure fair competition, it is also an important element of the market economy.

Since the beginning of last year, China has increased its antitrust investigations in the technology industry, especially internet companies, with the aim to encourage competition and stimulate innovation, and to achieve major breakthroughs in the high-tech field.

WHY ARE ANTITRUST MEASURES TARGETED AT INTERNET COMPANIES? Although antitrust measures are equally important to traditional industries, the status of internet companies in China’s economy has risen significantly, and it is the key to China’s economic growth and high-quality development.

Compared with traditional industries, the disruptive innovation of the internet means a winner-takes-all monopoly can be quickly formed. As a result, the old rules can no longer

apply, and potential competitors cannot compete on equal terms with existing monopolistic giants. Some strong monopolists even adopt various methods to suppress competitors.

Therefore, without effective supervision, these internet companies, which were initially spawned by innovation, may become a stumbling block that stifles new innovations. To continue to promote innovation, it is necessary to strengthen the supervision of the internet industry and promote the healthy development of the local digital economy.

HOW WOULD SUCH MEASURES AFFECT CHINESE TECH COMPANIES? The internet economy has grown rapidly since 2005, but the impact of this development on the country’s overall economy and the welfare of consumers and workers has become a great concern.

Defining the role of the internet economy in China’s overall development, so that it promotes economic growth and not hinders is crucial, and this requires sound supervision and regulation of the internet companies, especially in terms of antitrust measures and preventing disorderly expansion of capital. In addition, China’s internet companies should also pay more attention

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to protect the interests of consumers and employees while expanding their businesses.

Relying on monopoly advantages to suppress employees’ income and infringe on consumers’ privacy and welfare cannot be tolerated.

This is the first time that China has launched an antitrust campaign on such a large scale.

China is also speeding up legislative procedures to amend the antitrust law. It is expected that supervision of high-tech industries would become routine and rigorous from now on.

This new regulatory environment will have an important impact on technology companies, especially the internet platform providers. It will be tougher for high-tech companies to rely on unshakable monopolistic positions to make huge profits as they did before.

They need to consider the sentiments of the market and consumers and the equal status of competitors. They will also need to ensure that their business behavior is consistent with the country’s overall strategy. In the short term, such antitrust measures will have a negative impact on the profits of high-tech companies, but in the long term, it will help to establish a fair and orderly competitive environment with reduced risks, which will benefit the healthy development of the industry, allowing tech companies in China to develop in a more sustainable manner.

HOW ARE THE NEW MEASURES RELATED TO THE CHINA-US TECH WAR? WILL THIS HELP IN EASING FOREIGN SUSPICIONS OVER CHINESE TECH COMPANIES? Most of the Chinese high-tech companies under antitrust investigation are industry leaders and have international influence. By doing so, it not only serves as a warning domestically,

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but also a demonstration to the international community the determination of the Chinese government to create a fair and competitive local market environment. As US-China tech war rages, some question the Chinese government’s commitment to ensure fair competition. However, this high-profile antitrust campaign serves to prove that China will not tolerate any high-tech company violating market competition, regardless of its influence.

China’s antitrust measures are conducted at the same time with similar measures in the United States and Europe. This goes to show that China recognises the international principle of fair competition, and is willing to work with the international community to maintain market order. Such attitude and determination will help to resolve misunderstandings by the international community and help Chinese technology companies build a good image overseas. This will facilitate international cooperation among Chinese high-tech companies, including entering the US market, because a wellregulated local high-tech company is more likely to be accepted by the US market.

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C h i n a B e a t | 中华脉搏

WHAT ARE THE CHALLENGES FACING CHINA IN ACHIEVING ITS GOAL OF BECOMING A LEADING DIGITAL ECONOMY? China ramps up antitrust enforcement in the tech sector to boost its development, making technology the pillar and main driving force of China’s midto-long-term development goal. China’s efforts to accelerate growth of the digital economy is very closely related to the country’s growth strategy, as the digital economy is the result of various emerging and cutting-edge technologies, and is the new economy of the future.

China’s digital economy has been developing very rapidly in recent years. Especially under the COVID-19 pandemic situation, as technologies such as 5G, AI, cloud computing and other emerging IT applications are effectively helping to beat the pandemic, the pace of digital transformation has been further accelerated.

The digital economy is a key focus in China’s 14th Five-Year Plan. By 2025, the government aims to have the digital economy account for about 10% of China’s newly added economic output.

To achieve this goal, the first challenge is on creating a good market competition environment. This is why China has stepped up its antitrust efforts.

The second challenge is on how to make breakthroughs in high-end technology. China is organising its state-owned and private research institutions and is committed to increasing investment in R&D in this area.

The third challenge is on the application of technologies related to the digital economy.

China has proposed to shift focus to digitise the industries and industrialize the digital elements.

Only when digital technology is widely applied in different sectors, companies can enjoy greater demand and profits, and the digital economy can achieve a virtuous circle of growth.

The fourth challenge is on how to deal the shortcomings of China’s digital technology through international cooperation, under the threat of technological containment by the United States. Currently, China is still highly dependent on developed countries in key core technologies.

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HOW CAN FOREIGN INVESTORS BENEFIT FROM CHINA’S DIGITAL TRANSFORMATION? China’s main strategy to foster the development of the digital economy is to use the digital economy as a means for developing countries to catch up and overtake the developed countries.

With digital economy at the core of economic development, China aims to achieve sustainable economic growth in the long run and join the league of developed countries in 2025. China has proposed the strategy of industrialisation of digital technologies and the digitalisation of various traditional industries, which is gradually becoming the mainstream in the recent years, bringing further emphasis on the use of digital technologies in different industries.

China’s proposal highlighted the development of the digital economy by promoting its deep integration with the real economy, driving economic transformation and building digital industrial clusters with international competitiveness. At the same time, China will improve its digitisation level in public services by strengthening the construction of the digital government, smart cities and smart communities, as it enters the new stage of development of putting people’s well-being first. China’s vast consumer market and strong foundation of digital economy have led to the rise of its digital consumer market.

It is expected that by the 14th Five-Year Plan period, digital transformation of the manufacturing industry and building of the industrial Internet will accelerate, penetration rate of digital technology in traditional

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industries will continue to grow, and this will give birth to new industries, formats and models, which will play a significant role in the overall economic development.

International cooperation will be a major feature of China’s digital economy. 2020 marked the year of ASEAN-China Digital Economy Cooperation. China hopes to complement each other’s strengths through international

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C h i n a B e a t | 中华脉搏

2020 marked the year of ASEAN-China Digital Economy Cooperation.

cooperation. Singapore also attaches great importance to the role of digital economy in economic growth and urban development.

Singapore and China share many common interests in developing the digital economy.

Singapore’s recent announcement from the “Emerging Stronger” Task Force highlighted the vision of “Smart Nation” and international partnership, including fostering collaboration among ASEAN countries by creating a regional

digital trade facilitation system, and increasing market access through digital marketplaces.

There will be broad cooperation between Singapore and China in the digital economy.

Singapore companies will have a lot of opportunities to participate in the international cooperation of China’s digital economy, especially in the high-tech sector, and well as transfer of technology application from China to other ASEAN countries.

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商团动态

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| Industry Dynamics

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| Industry Dynamics

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| Industry Dynamics

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商海记忆 | Re c o l l e c t i o n s

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Re c o l l e c t i o n s | 商海记忆

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M o m e n t s | 商会时讯

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M o m e n t s | 商会时讯

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W E L C O M E A B OA R D ( M a r c h ’ 21 - J u n e ’ 21 ) Member Company

Business Representative

Designation

Business Nature

AEGIS BUILDING & ENGINEERING PTE LTD

MR

YEONG WAI TECK

Managing Director

Construction

ALLUME GLOBAL PTE LTD

MR

OH HOCK CHONG

Managing Director

Education

ANG CHIN MOH FUNERAL DIRECTORS PTE LTD

MR

ANG ZIQIAN

Managing Director

Others

ANNA CHEONG

MS

ANNA CHEONG

Market Maker, Strategic Initiatives for Greater China

Information & Communications

AXIOS LLP

MR

SAMUEL LIM

Partner

Professional, Business & Technical Services

AZTECH GLOBAL LTD

MR

JEREMY MUN

Chief Operating Officer

Manufacturing

BANDO (SINGAPORE) PTE LTD

MS

PERLIN THOR

Senior Advisor

Wholesale & Retail Trade

BUILDWICK ENGINEERING PTE LTD

MR

WEIDA LIN

Director

Construction

C2R LIGHTING (SINGAPORE) PTE LTD

MR

EDWIN TAN

Managing Director

Professional, Business & Technical Services

CARESTAR MEDITECH PTE LTD

MR

ALAN NG

Founder & CEO

Wholesale & Retail Trade

CHUA KENG SOON, EDDY

MR

EDDY CHUA

Student

Student

CONNY TECH PTE LTD

MR

FOO FOOK TONG

Managing Director

Others

CORDELIA AND VICTORIA CREATIVE INDUSTRY PTE LTD

MS

LU YU RONG

Founder & Independent Curator

Others

DALSTECH PTE LTD

MR

LIM TEE LOON

Managing Director

Information & Communications

ENVIQ PTE LTD

MR

NICK LEE

Director

Wholesale & Retail Trade

FRUITS VENDING PTE LTD (IJOOZ)

MR

BRUCE ZHANG

Director

Manufacturing

HONG LEI INTERNATIONAL PTE LTD

MS

LI LEI

Director

Wholesale & Retail Trade

JACOBSON GLOBAL LOGISTICS (SINGAPORE) PTE LTD

MR

DAVID HIA

Vice President

Transport, Storage & Logistics

JOY LUCK TEAHOUSE (JLT SG PTE LTD)

MR

ROBERT CHUA

Founder & Director

Food & Beverage Services

LIM EE LENG, LINSON

MR

LINSON LIM

General Manager

Others

MEIBAN GLOBAL PTE LTD

MS

CINDY GOH

Chief Executive Officer

Others

METIGY PTE LTD

MR

HEMANT DOSHI

Director of Singapore Strategic Partnerships

Others

NF FITNESS PTE LTD

MR

BARNABAS HUANG

Managing Director

Health & Social Services

PROSPEROUS ALLIANCE INVESTMENTS PTE LTD

MR

LEOW KOK PENG

Managing Director

Finance & Insurance

SINO-WOOD INTERNATIONAL HOLDINGS PTE LTD

MR

FENG JIAN LI

Director

Wholesale & Retail Trade

SOO JUN HAN, MORVEN

MR

MORVEN SOO

Student

Student

TAY XIU XIA, ALISON

MS

ALISON TAY

Financial Advisor

Finance & Insurance

THE SOUP SPOON PTE LTD

MS

ANNA LIM

Executive Director

Food & Beverage Services

UQPAY TECHNOLOGY (SG) PTE LTD

MR

KELVIN DENG

Business Development Manager

Finance & Insurance

ZHONGXIN OVERSEAS PTE LTD

MR

MAX GAO

Director

Professional, Business & Technical Services

ZHOU LIREN

MS

ZHOU LIREN

Disease Solution Partner

Health & Social Services

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