Few countries in the world are embracing transformation as fast as China. The economic and social development I’ve seen over the last decade has been phenomenal. Between 2010 and 2016 Chinese GDP doubled to reach US$12.2t.1 Along the way, China has earned a reputation as a hot-house for digital innovation and experimentation. It is much easier for companies in China to try new ideas, to drop any that fail, and to scale those that work.

We’ve seen that mindset mirrored in the Chinese consumer. People in China love to try new products and services, and to play with new technologies. They will adopt with incredible speed those they like, and are happy to reshape their lives around them. This is another reason why the country is transforming — and will continue to do so.

The growth of the mobile payments market is just one example of the speed and enthusiasm with which China’s consumers adopt new behaviors. In 2012, they spent just US$32million via mobile.2 Within four years that figure had rocketed to US$1.83 trillion.3 As a result, China is fast becoming a cashless society, and is leading the way in m-commerce innovation. E-wallets account for a 58% share4 of the mobile payment market in China. That is the highest percentage globally and far beyond the 15% penetration5 achieved in the US.