Dr. Xiao Feng, vice president of investment firm China Wanxiang Holdings, attended the 7th Global Investment and MA Summit in Shanghai on June 5, according to local news.
In his opening speech by Dr. Xiao I am talking about digital economic reform Speculation showed that globalization will soon transition from the physical to the digital worldHe believes blockchain and other emerging technologies will be the tools we can use to achieve this digital globalization. He explained the following:
“Because of its irrevocable, delicious and immutable properties, blockchain is a digital trust mechanism. If we transfer this data to the blockchain, this data cannot be changed.”
Digital globalization is the real business
Xiao believes that before the pandemic Globalization has benefited many people, including China, Wall Street and multinational companiesbut also Left-wing victims like the middle class and industrial workers in many industrialized countriesstated that:
“Because the middle class and the workers cannot be globalized, they are referred to in the economy as non-tradable goods.”
However, believes that after COVID-19, limitless digital globalization will benefit both developing and industrialized countries, clarified:
“With the help of digital technology, the workforce can be changed from now on, and employees no longer have to move to China from the United States, even if the industry moves to China. Then there is training that teaches English. The Internet has made of non-tradable goods tradable goods … “
Trends in digital globalization
According to Dr. Xiao Digital globalization will affect the organizational management systems of many companiesand more and more companies will move their business online, and the traditional methods by which companies measure their performance will become less important A new framework for goal setting can replace it as the most important management structureXiao says that such a framework is called “Key Objectives and Results” or OKR:
“Since we have to do something together in a different time and place, we have to be transparent and align our goals. That’s why we need OKR tools.”
He also claims that a further impact of digitalization will result in companies fully reviewing the way they practice.he says that the industrial revolution has reached the level of declining marginal use, in the economy the law of declining marginal use specifies this The marginal utility of a product or service decreases with the increasing availabilityEconomic actors dedicate each successive unit of a product or service to less and less valuable purposes.
As Cointelegraph previously reported, Venture capital investor Tim Draper also believes that digital financial innovations like Bitcoin, smart contracts, and artificial intelligence will lead us into a globalized world.