See How China’s E-Commerce Stacks Up to the World


(Narrator) These technologies have even changed
the way people buy cars. Get this, you can now reserve a test car on
your phone, and pick it up at what is essentially a giant vending machine for cars like BMW,
Ford, and Volvo… and then drive it around all you want… test it for the next 3 days…
for less than $50. The thing you need to understand it’s not
just about making payments on your phone or getting rid of physical cash, this development
creates hundreds and hundreds of new business ideas. It’s the future for us in America, but it’s
all unfolding right now in real-time here in China. Kevin Liu studied at Cornell University. Today he’s at Equity Strategist at CICC, the
largest investment bank in China. Kevin is part of what is widely considered
to be the best equity research team in the country. We met up in Beijing. (Kevin) Back in 2006 it was something like
1% of China with regards to mobile penetration. (Steve) In 2006, 1% of Chinese people had
mobile internet. Today it’s at least 50%. (Kevin) My life is tied very closely to my
phone. (Narrator) Today, the amount of money the
Chinese spend on e-commerce is 42% of the world’s total. That means the value of China’s e-commerce
transactions is now larger than the value of the e-commerce transactions than France,
Germany, the U.K., and the U.S. combined. This is why the money is flowing to China,
and why more millionaires are being created here than anywhere else in the world.

4 Replies to “See How China’s E-Commerce Stacks Up to the World”

  1. Stansberry Research is a financial firm that’s previously been fined $1.5 million for engaging in "deliberate fraud" and profiting from "false statements." Its founder, Porter Stansberry, and CEO Mike Porter are racists.

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