Weixin a role model in empowering China's digital economy: APEC China Business Council

BEIJING, Dec. 31, 2021 /PRNewswire/ -- Weixin has been recognized as one of 50 service providers employing best practices in China's booming digital economy, according to an influential report released during the APEC China CEO Forum in Beijing on December 25.

The forum, held in tandem with the 30th anniversary celebration of China's accession to APEC, was organized by the China Council for the Promotion of International Trade (CCPIT), the China Chamber of International Commerce (CCOIC) and the APEC China Business Council.

The China Digital Economy Industry Best Practices 50 report is the culmination of a joint effort by top research institutes, think-tanks and consulting firms from home and abroad over a span of nine months. Initiated by the APEC China Business Council, the project gives comprehensive and critical insights into how the application of digital technology is reshaping many industries in the world's second-largest economy. The selection followed rigorous procedures including application screening, expert on-site reviews, assessment meetings and follow-up reviews.

As one of the most popular messaging and social media platforms, Weixin won the honor for delivering outstanding value on several fronts. Pragmatic tools in the ever-growing Weixin ecosystem such as Weixin Pay, Mini-programs, WeCom, Weixin Channels and Weixin Search allow small and medium-size enterprises (SMEs) to effectively shift toward sustainable operations, provide quality services at low cost and cultivate a loyal following.

For example, Weixin Pay has proven to be a powerful tool in simplifying transactions, improving efficiency and increasing the connection with customers. Bubugao Group (Better Life) is using Weixin to organize social media marketing as well as support for online-to-offline collaboration and group buying. In addition, as part of corporation social responsibility programs, Weixin's Yanhuo Act has benefited tens of millions of small businesses hit hard by the pandemic. The Weixin mini-program is a lightweight, easy to use sub-application that requires zero trouble to download and install.

Represented by the Weixin ecosystem, the power of technological innovation is boosting integration between the digital and real economies of China, effectively promoting economic recovery and driving the rise of new consumption patterns, according to the best practices report. Over the years, Weixin has won the hearts and minds of all for its corporate culture and values, long-lasting competitive edge and commitment to providing meticulous, considerate and accessible services, said the report.

Weixin has also made the daily lives of individuals easier while ushering in new career opportunities. In a report issued on April 22, the China Academy of Information and Communications Technology, a research institute under the Ministry of Industry and Information Technology, lauded the fact that the Weixin ecosystem was behind the creation of 36.84 million jobs in 2020,  a 24.4 percent increase over the year previous.

As many have observed, the pandemic has accelerated the upgrade of digital technology and its application across society, giving an especially strong thrust to China's pursuit of high-quality growth while the world are grappling with the impact of COVID-19.

Carol Liao, Managing Director & Senior Partner at Boston Consulting Group, said the 50 service providers are either traditional enterprises undergoing a digital transition or tech firms enabling industrial change, so their practices and approaches are valuable to the business community, government policy-making and the wider world in providing a glimpse of China's solutions in going digital.

Recording and sharing best practices in China helps other economies to understand the innovation and new technologies at Chinese firms, thereby promoting international exchanges and facilitating multilateral cooperation in the development of the digital economy, according to Sun Xiao, Director General of the China Chamber of International Commerce.

Following their in-depth research, experts in the project agree that Chinese digital enterprises are committed to making breakthroughs, are eager to apply the technologies for the benefit of the public, and stand ready to propel industrial transformation.

SOURCE Weixin