Quotable quotes from the 1st Digital China Summit

With the theme "Let Informatization Drive Modernization, Speed Up the Construction of Digital China", the first Digital China Summit ran from April 22 to 24 in Fuzhou, East China's Fujian province.

Let's take a look at what business leaders said at the summit.

Ma Yun

Ma Yun, founder of Alibaba Group Holding, delivers a speech at the 1st Digital China Summit in Fuzhou, East China's Fujian province, on April 22, 2018. 

The standard by which to judge a big company is not how large its market share is, but how many key technologies it obtains. Developing key technologies is an unshirkable responsibility for big companies. It is not nearly enough to have internet companies such as Baidu, Alibaba, and Tencent - or BAT, as they are collectively known. China needs a large number of big and super companies that surpass BAT, with key technologies to make the country great.

China also needs a digital economy law as an upgrade of e-commerce law, which is under discussion. The direct result of the internet of things is a data explosion, so we are in great need of a digital economy law to not only monitor but also provide guidance for development of a digital economy with global vision. This is not merely an institutional innovation of digital economy, but also China's contribution and responsibility to the world economy.

Ma Huateng

Ma Huateng, chairman and CEO of Tencent Holdings, delivers a speech at the 1st Digital China Summit in Fuzhou, East China's Fujian province, on April 22, 2018. 

Demands to change the technology situation are getting more and more pressing, as are wishes for China to overcome the fact key technologies are controlled by others. Only when we are strong enough in technology will we have the opportunity to stand up and have equal dialogue with international giants.

Liu Qiangdong

Liu Qiangdong, board chairman and CEO of JD.com, attends the 1st Digital China Summit in Fuzhou, East China's Fujian province, on April 22, 2018. 

If core intellectual properties are not obtained by the internet industry, the fate of the industry will be held in other people's hands. It is the right direction for the internet industry to build a strong country in cyberspace with independent innovation. JD.com started to insist on obtaining all applications for the company's intellectual property rights several years ago. Obtaining independent innovation can improve internet companies' competitiveness in the global arena.

Liang Hua

Liang Hua, chairman of Huawei's board of directors, delivers a speech at the 1st Digital China Summit in Fuzhou, East China's Fujian province, on April 22, 2018. 

Digitalization is entering into a new stage and the Information and Communication Technology industry is getting into a whole new industrial cycle, transforming from the vertical to the horizontal dimension. New technologies such as 5G, IoT, cloud computing and artificial intelligence will be more and more important to build a smart world, with all things interconnected. Technological innovation will not only bring prosperity to all industries, but also promote growth in both the digital and real economies.

Chen Shengqiang

Chen Shengqiang, CEO of JD Finance, delivers a speech at the 1st Digital China Summit in Fuzhou, East China's Fujian province, on April 23, 2018. 

The key point to developing the digital economy is to link enterprises in the real economy with new technology. On one hand, enterprises in the real economy should increase investment in technology, and on the other, technology companies should provide strong support to these companies.

Digitalization services for enterprises based on things like information, Software as a Service, mobile and AI integration are actually a business-to-business-to-consumer interaction. When an enterprise is digitalized in four dimensions: the scenario, the customer, the product and operation, technological companies can serve their customers by serving enterprises in the real economy. This can not only improve efficiency, but also achieve revenue growth.