Commercialization of 5G Accelerates Digital Transformation

Commercialization of 5G Accelerates Digital Transformation

On June 6， the Ministry of Industry and Information Technology （MIIT） issued 5G commercial licenses to China Telecom， China Mobile， China Unicom， and China Broadcasting Network. Chinas 5G officially entered the new era of commercial deployment.

The 5G standard is a unified international one jointly formulated by the whole industry in the world. In Chinas promotion of 5G technology， many foreign companies， such as Nokia， Ericsson， Qualcomm and Intel， have been deeply involved. Today， its commercial use is a teamwork which involves both domestic and foreign businesses in terms of technical research and testing.

China will promote 5G commercial development， and accelerate the construction of the Internet of things， artificial intelligence， and other technical systems that rely on 5G， which will bring revolutionary changes to the economy， society， and peoples life. In the end， it will become a new booster for Chinas high-quality economic development.

Chinas efforts to promote the development and application of 5G is expected to inject strong momentum into the global mobile communication industry. Relying on 5G technology and equipment， the world will usher in a new round of scientific and technological revolution， which as a result will allow AI to penetrate into every aspect of the market and social life. To embrace new technologies and new rules is to embrace the future.

Toy Market Attracts Foreign Investment

In recent years， the childrens toy market in China has continued to grow， attracting many foreign companies.

Statistics from the China Toy & Juvenile Products Association show that in 2018， the export volume of traditional toys totaled US $25.084 billion， up 4.5 percent year on year. Imports of traditional toys totaled US $649 million， up 15.9 percent. The substantial increase in the import of traditional toys indicates that the relevant domestic consumption is robust. In terms of the types， structures and brands， imported toys have certain advantages and can complement domestic ones.

Zhuge Min， managing director of Toys “R” Us， said recently that since Toys “R” Us entered the Chinese market in 2006， it has opened more than 180 outlets， and in the next three to four years is expected to expand at an annual rate of 50 outlets， making China its largest market in Asia.

In addition to adding offline stores and expanding online business， some foreign brands are also exploring ways of bringing “education through the entertainment” to more Chinese children， including companies such as Mattel， the U.S. toy company that owns Barbie， and the Danish toy giant Lego， which has enjoyed remarkable growth in China since 1983.

China Takes on All Kinds of Economic Uncertainties in Stride

The governor of the Peoples Bank of China Yi Gang attended the G20 Finance Ministers and Central Bank Governors Meeting in Fukuoka， Japan， held on June 8， 2019. The meeting focused on the global economic situation and risks， aging， international financial architecture， infrastructure investment， financial sector reform， and global imbalances.

The meeting held that the global economy has shown a steady momentum， but downside risks remain prominent， and trade frictions and geopolitical risks are escalating. The meeting expressed its continued concern and readiness to take further actions to use more fiscal and monetary policies to promote strong， sustainable， balanced， and inclusive growth. Yi Gang expounded on Chinas economic and financial situation， RMB exchange rate， and trade issues. According to him， Chinas economic development is steady， and the country will continue to deepen the reform of the market-oriented exchange rate and keep the RMB exchange rate basically stable at an appropriate and balanced level. China has ample macro policy space and policy toolbox， and is able to take on all kinds of uncertainties in stride. Yi called for all G20 members to work together to resolve trade frictions and send a positive signal to the international community.

A New Round of Drug Price Cuts

Chinas medical reform in 2019 will focus on solving the problem of difficult and expensive access to medical services， and deepen the coordinated reform of medical care， medical insurance and medicine， according to the National Health Commission.

The medical reform will take the centralized drug procurement and pilot programs as the breakthrough. The reform will be intensified to bring down the prices of drugs and high-value medical consumables， adjust the medical service price， and optimize the hospital income structure.

At the same time， by improving investment for public hospitals， China will relieve some worries of hospitals during the reform. A multi-mode medical insurance payment system will also be adopted to reduce costs.

Xiong Xianjun， an official from the National Healthcare Security Administration， said China would further expand centralized procurement and initiate more negotiations between medical insurance institutions and relevant pharmaceutical enterprises for more drugs to be incorporated into the medical insurance medicine catalog to reduce drug prices. Xiong admitted that the high price of certain drugs was the main factor behind the high cost of medical treatment. According to Xiong， more drugs with high clinical value will be included in the 2019 national medical insurance drug list.