What trends could possibly drive future business opportunities in the aftermath of the Coronavirus?
1. A major nationwide effort would be made towards creation of a safer and more health-conscious living environment.
2. For public health: early detection, prevention, advanced treatment, and diagnostics would receive much more attention and a more comprehensive public health management system would evolve.
3. There would be more Public Private Partnerships (PPP). Collaboration between private and public sectors to create solutions addressing public agenda issues going forward.
4. The development of a more ubiquitous, connected and intelligent society will accelerate, leveraging new disruptive technologies such as IoT, AI, 5G and blockchain.
5. Big data will become even more prevalent with more data sharing across the board for more effective public agenda management.
6. A rise of new modes of interactions will be imminent. Although human-to-human touchpoints will still remain, other forms of interactions, such as human-to-machine and machine-to-machine will grow exponentially.
7. While entrepreneurship and innovation have already been rising in China over the last several decades, they would further accelerate going forward for addressing the pain points that were exposed during the Coronavirus crisis.
The virus has exposed China's many problems and created challenges. In the short run, it has added more uncertainty to businesses operating in and with China from manufacturing, supply chain and consumer demand perspectives. In the medium to longer-run, we can expect a huge potential shift as China re-invents itself, making the improvement of its public agenda management a top priority. Collaborations across governments, SOEs, POEs and foreign companies to foster synergies, while at the same time, new consumer patterns and innovative use of technology and business models will come along.
Dr. Edward Tse is founder and CEO of Gao Feng Advisory Company, and a founding Governor of Hong Kong Institution for International Finance. One of the pioneers in China’s management consulting industry, he built and ran the Greater China operations of two leading international management consulting firms for a period of 20 years. He has consulted to hundreds of companies, investors, start-ups, and public-sector organizations (both headquartered in and outside of China) on all critical aspects of business in China and China for the world. He also consulted to the Chinese government on strategies, state-owned enterprise reform and Chinese companies going overseas, as well as to the World Bank and the Asian Development Bank. He is the author of several hundred articles and four books including both award-winning The China Strategy (2010) and China’s Disruptors (2015) (Chinese version of 《创业家精神》).
You may visit Dr. Tse's blog to explore more of his intellectual capital: www.edwardtseblog.com