A social media revolution will “have social-capitalistic effects” on China, according to a report published by the state-run China Central Television.
China is a big market for social media, with more than 1.5 billion users and a growing number of businesses offering services such as online retail and online shopping.
But social media services have become increasingly popular in China, where many companies rely on advertising to stay afloat, and where companies are increasingly dependent on online payments for services like online payments and online payments-only services.
The report, which will be published on Wednesday, comes amid a new era in China’s economic growth that has seen the country expand its digital footprint and diversify its economy away from traditional manufacturing and service industries.
While the report did not include any specific details about the economic impact of the social media phenomenon, the report said that China’s “Social Media Capital” could lead to social-economic growth and “social-capitalist effects.”
According to the report, the country is expected to grow its online revenue from $5.6 trillion in 2015 to $10.3 trillion in 2025.
The growth of the digital economy in China will lead to “higher growth and profitability in the online sector, while the digital sector will generate social-profit gains,” the report added.
The number of internet users in China has been increasing at a steady pace, reaching over 50 billion in 2020.
The rise of the internet has sparked a new generation of social-networking services such Google+, Facebook and Twitter.
In the first half of this year, social-media platforms accounted for nearly half of the $3.6 billion in social-trending advertising revenue generated by China’s major social media companies, according an Associated Press report last month.