‘The world economy will be more digital in the next generation’

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In recent months, the world has been facing an extraordinary challenge, uncertainty and complexity. An epidemic has hit the world and affected almost all areas of our lives. Our personal freedom to travel, work and play has changed as before.

It has also affected the way the economy is run. Remote working has returned to normal overnight. In fact, all forms of digitization have accelerated. The importance of this digitization of the economy cannot be underestimated.

New Norm has added value and emphasis to building and maintaining trust, which provides the basis for collaborative work and innovation.

In fact, the most important thing is the faith that holds us all together. I think the interaction between social norms and technology will be one of the main drivers of economic development for the next decade.

This interface consists of two ways. The first way of interface involving society and technology sheds light on how we choose to regulate digital technology and its uses.

Digital technologies have absolutely incomparable potential to drive global economic growth for decades, but the random use of these technologies does not lead to prosperity and independence in the long run.

Accordingly, governments and regulators are working together to build a global principle-guided legislative framework that allows and encourages the use of appropriate developments and technological innovations.

When our economies become more digital, they generate a huge pool of data that must be transmitted, stored, processed and retrieved. Rules are needed to allow this technology to be implemented effectively, but they need to be developed quickly.

There is a constant discussion about adopting the right approach. And, still, given the risk of issues, regulators and governments need to move quickly to avoid falling behind because of innovation. In this regard, Germany’s recent IT Security Act 2.0 provides an excellent presentation.

It provides a clear legal framework and a solid basis for improving IT security in infrastructure. For FiveG development, this means there will be higher and more uniform security standards for all providers. This clarity is an important element of faith that we need to encourage.

The second way to see the interface between society and technology is the criteria we adopt. The global economy is intertwined to a degree that seemed unimaginable a generation ago.

In the next generation, the world economy will undoubtedly be more difficult and more digital. The success of this new world economy will be built on common standards.

In fact, the establishment of standards is not only conducive to market formation and development but has also become a major factor in consumer protection. Without competitors, a company like Huawei could be better. But if all products use Huawei’s proprietary technology, it will be a complete disaster for consumers.

Standards force manufacturers to compete with each other technically. From the earliest days of technology, development has been driven by the adoption of almost universal technical standards.

2G Standard has brought voice and text services to us, 3G Standard has provided mobile internet to the world and 4G has provided us with data services and streaming content on mobile devices. They are adding more potential to the economy, but the level of competition is high.

Standards and rules are two highly visual symbols of the interaction between society and technology and he shows two characteristics, which are fundamentally important. They are the first to build faith. The second is that the more widely used they are, the more effective they are.

The digital economy will continue to change the way we communicate and trade with each other. When international trade was evolving, it required our ancestors to acquire new technical skills and build new ways of trusting their partners.

In today’s digital economy too. It will affect the way people communicate with each other and build trust with business interests.

The common rules of the world are an essential part of this faith building. As our economy grows increasingly digital and data-driven, technology administration and data usage regulations will become critical and strategically important for global trade. It is necessary to build trust and the best way to build trust between people is to stand in the same place.

When we say ‘trust makes a difference’, we are not just talking about trust in our business partners: users must also believe in the technology they use.

Knowing that a technology is well regulated is an important first step towards believing in that technology. However, only general rules that are widely publicized create a widespread belief in the adoption of technology.

Global technical standards are also critical to building trust as they allow services and products to easily expand into larger markets. As a result, individuals can rely on technological innovations to cross borders without hindrance. A small part of the EU’s success lies in its internal market operations.

But the success of economic development in the digital age depends on the widespread use of both rules and standards. If a regulation is unilaterally adopted and enforced then some companies can easily avoid doing business in or with the respective country.

As all parts of our global economy are close to each other, our efforts to find the best path to regulatory success must be global.

In particular, our growing digital and mobile economy demands a focus on security-related trust and communication. We must ensure that digital and cyber sovereignty are mutually respected, that user privacy and security are respected and that data is allowed to flow securely and systematically.

Technological innovation, increasing digitization and increasing product complexity are increasing cooperation among all economic partners. This, in turn, adds to the economic significance of secure data transmission.

These data streams are the supply chains of the future digital economy and we must make conscious efforts to protect them.

Just as the global supply chain has lifted millions out of poverty, so the data-driven value chain in the digital economy will contribute significantly to global prosperity. At a time when trust is more important than ever, Huawei is proud of its contribution to a prosperous digital future.

In fact, the company is a special contributor to the creation and adoption of global digital and regulatory standards, which is crucial to building this trust.

These rules and data standards will not only ensure that post-epidemic economies help global societies build stronger and more prosperous economies, but also allow them to distribute the benefits of this prosperity as widely as possible.

When the plague came, the closure of international borders and all kinds of public places brought the terrible temptation to adopt a nationalist approach, but we seem to have resisted this temptation very well.

As our society re-opens and enters the post-epidemic economy, we are all well aware of how much faith makes a difference.

The global focus now needs to be on a truly comprehensive adoption of common technical standards and a regulatory and legal framework that reflects the country’s values ​​and values. Adoption is needed to unlock economic growth that meets the needs of the global economy in the coming years.

These shared principles will build the foundation of trust in which we will build our joint efforts to innovate and grow. This belief will be the basis of our shared success. Faith makes a difference.

(Chen Lifang is Huawei’s Corporate Senior Vice President and Board Director)

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Rabins Sharma Lamichhane

Rabins Sharma Lamichhane is the owner of RabinsXP who is constantly working for increasing the Internet of Things (IoT) in Nepal. He also builds android apps and crafts beautiful websites. He is also working with various social services. The main aim of Lamichhane is to digitally empower the citizens of Nepal and make the world spiritually sound better both in terms of technology and personal development. Rabins is also the first initiator of Digital Nepal.

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