Opportunities and risks of China`s digital economy for western companies

The fast-developing digitalization has not only transformed lives and societies but also economies. China emerged as a global leader in digital technologies and its digital economy is expected to grow further. In the past, many Western digital companies like Uber have failed to participate in China’s digital market due to several factors including to ignore cultural differences. Nevertheless, China’s digital economy offers great opportunities for Western businesses if they accomplish to adapt to the unique characteristics of the Chinese market. Customizing their business models, establishing local teams, learning from local competitors,and seeking partnershipsincrease the chances of success significantly.