From a consumer point of view, China is already a global leader but its digitisation of industries still lags behind the US. However, China is catching up rapidly and another powerful wave of digitisation in businesses is starting to sweep through the economy, promising creative destruction in inefficient sectors on a grand scale.

China is well established as a digital player in consumer-facing industries with the largest ecommerce market in the world, accounting for over 40 per cent of global ecommerce transactions. Nevertheless, huge upside potential remains. China has a huge, relatively young home consumer market — and Chinese consumers are eager and willing to embrace all things digital.

Take just one example: connected cars. A McKinsey Survey of more than 3,000 respondents in China, Germany, and the United States found that 60 per cent of Chinese respondents would switch car manufacturers to obtain connectivity features, compared with only 20 per cent in Germany.