The COVID-19 pandemic has sped up the digital revolution in which China is "leading the way," a bank head said in a recent opinion piece in the South China Morning Post.
"When it comes to digital transformation, China has been on the front lines, fast-forwarding in consumer-facing areas such as e-commerce and cashless payment," Mark Wang, president and chief executive officer of HSBC China, said in the report released on Monday.
"From live-streaming sales to building lasting business relationships online to adopting - and adapting - new production technology, China is giving the rest of the world a glimpse of the future," he added.
Noting that the Chinese language uses the same word to describe the concepts of crisis and opportunity, Wang said that "every crisis, while deeply unsettling, also contains the seeds of opportunity, a truth that is easy to overlook when the coronavirus pandemic has plunged us all into a global health crisis and an economic downturn."
"The full transformational potential of the digital revolution is only just being felt, and COVID-19 is breaking down the last barriers to full adoption," he added.