For a look into the future of the global economy, and where the power is shifting, consider technology developments in both China and India.,
In a mere decade, China’s e-commerce market has grown from less than 1% of global sales, into the world’s largest market in 2016, representing more than 40% of transactions by value. Platforms such as Alibaba and JD.com reach nearly a billion eager shoppers, in a market three times bigger than the US’.
Meanwhile, India’s adoption of mobile technologies is surging at an astonishing rate as Reliance Jio – which became India’s dominant tech firm virtually overnight – brings fast connections to India’s 1.3 billion people. Even as Covid-19 spread, Google and Facebook separately invested billions in this telecoms company (a highly unusual step for rival tech giants) amid projections it would hit 500 million subscribers by 2023.
Events in the world’s two most populous nations capture the dynamic …