Story of the day is the Shanghai’s new Free Trade Zone might allow Twitter, Facebook and other western social media on the internet. About time, says business analyst Shaun Rein in CNBC as the current limitations hurt the competitiveness of Chinese companies.
Shaun Rein, managing director of China Market Research Group said lifting a ban on internet access to websites such as Twitter and Facebook is crucial for Chinese companies that are looking to establish a presence globally.
“It’s clear that the lack of internet access is hurting Chinese companies from a competitive standpoint. They don’t have a presence on Facebook, Twitter; they don’t know how to launch marketing campaigns around the world,” Rein said. Facebook and Twitter have been banned on the mainland since 2009.
Increasing competition in the telecom space will also be positive for the entire country, Rein said. “It will push Chinese telcos to become more market savvy. They haven’t had competition to push them to innovation and new services. Internet access is very slow here on mobile phones and in the home.”
“I expect a lot of telecoms companies to invest, it’s a good [opportunity to penetrate] the China market,” he added.
China’s internet companies are one industry in China trying to go global. Should Facebook, Twitter and Google+ worry now Tencent, Baidu, Sina, Alibaba and Xiaomi have plans to expand globally the China Weekly Hangout asked on September 5. Not yet, said investor William Yung, media-expert Paul Fox and Tech-in-Asia editor Steven Millward. Well, maybe Whatsapp should. Moderation by Fons Tuinstra of the China Speakers Bureau.
What is behind due diligence firms in China, we asked ourselves as one of the leading voices in the industry, Peter Humphrey was arrested last summer for illegal business practices. The China Weekly Hangout will discuss due diligence of the due diligence firms on September 25. You can read our announcement here, or register for participation at our event page. Joining us from Taiwan is Miguel De Vinci (aka 李洛傑).