Digital technology has enabled more consumer formats to flourish across China, allowing consumers to enjoy a richer and more diverse supply of products and services through a simple touch on the screen.
In southwest China's Guizhou Province, special agricultural products including bamboo shoots, spicy dried peppers, sweet and sour pickled fish are on hot sale in various online livestream rooms.
In Tiantai Town, Chishui City, local authorities collaborated with a university to establish the first local rural revitalization research and practice base, where artificial intelligence technology is being explored to boost e-commerce livestreaming.
"I hope that through AI technology, we can reduce the operating costs of our livestream rooms, extend the time of livestreams, bring in more traffic, and help our villagers sell more agricultural products," said Dai Xiaoyong, Party secretary of Xinghong Village.
Meanwhile in urban area, the integration of online and offline shopping has also allowed many shopping centers to expand new ways of sales promotion.
In Nanjing, east China's Jiangsu Province, many stores in shopping malls have opened livestream sessions, allowing customers to learn about their latest products without leaving home. Some malls have also launched new mobile apps, through which shoppers can place orders for delivery and make appointments for pickup, all in one stop on the phone.
"Now customers can learn about products and place orders online while enjoying our store services at the same time. This mode can also meet the needs of customers tight on time who just want to grab and go. It's more convenient for them," said Wang Dan, a salesperson.
Digital technology empowers online shopping, new consumption modes in China
Digital technology empowers online shopping, new consumption modes in China
The universal "reciprocal tariffs" imposed by the United States signals a decline in the U.S. economic dominance and dollar hegemony, as the country is attempting to extract excessive financial benefits from its trading partners, according to economists, who warn the Trump administration is playing a "dangerous game".
U.S. President Donald Trump last week signed an executive order on the so-called "reciprocal tariffs," imposing a 10-percent "minimum baseline tariff" before unveiling higher rates on certain trading partners. The policy sent shockwaves throughout the global economy and triggered panic on financial markets, with analysts warning of significant risks and dire economic consequences.
In an interview with the China Global Television Network (CGTN), Hong Hao, chief economist of the GROW Investment Group, a Shanghai-based hedge fund, said the tariffs reflect Trump's strategy to extract economic benefits from trading partners, particularly viewing China as a significant competitor. "Trump really believes that the trade terms with the trading partners have been unfair to the U.S., and as a result, the U.S. manufacturing sector has been hollowed out. Therefore, the U.S. is paying an excessive price for globalization, and now, it's time to pay back. I think, from this angle, he is trying to extract economic rent from its trading partners, and also he is trying to see China as one of the major U.S. rivals at this juncture. So, I think, as a result, he is playing a very dangerous game. And, as you can see, it's political theater in the sense that he is trying to dramatize the extreme pressure, so that he can get excessive rent from the opponent," he said
Trump's unilateral imposition of tariffs has eroded global confidence in the U.S. and its dollar's status, leading many to state that the American hegemony may not persist, according to Josef Gregory Mahoney, a professor of politics and international relations at East China Normal University.
"The U.S. economy is at an inflection point. There is a moment where the previous strategies being used to sustain American hegemony were no longer working. And, it's only a matter of time before the U.S. position erodes, given the fact that it's been a house of cards built on the dollar supremacy. And a lot of people don't see that as having a brighter future. This has moved past the theater stage and has moved really directly into one in which no one really has confidence in the U.S. anymore. No one has confidence in the dollar. No one has confidence in the U.S. being committed to the multilateral system, to global trade and so forth and so on," he said.
Trump playing "dangerous game" as tariff measures signal decline in U.S. dollar hegemony: economists
