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The Digital War: How China's Tech Power Shapes the Future of AI, Blockchain and Cyberspace 1st Edition
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What new directions in China's digital economy mean for us all
China is the largest homogenous digital market on Earth: unified by language, culture, and mobile payments. Not only a consumer market of unrivaled size, it's also a vast and hyperactive innovation ecosystem for new technologies. And as China's digital economy moves from a consumer-focused phase to an enterprise-oriented one, Chinese companies are rushing to capitalize on ways the newer wave of tech―the Internet of Things, AI, blockchain, cloud computing, and data analytics (iABCD)―can unlock value for their businesses from non-traditional angles.
In The Digital War, Winston Ma―investment professional, capital markets attorney, adjunct professor of digital economy, and bestselling author―details the profound global implications of this new direction, including how Chinese apps for services such as food delivery expand so quickly they surpass their U.S. models within a couple of years, and how the sheer scale and pace of Chinese innovation might lead to an AI arms race in which China and the U.S. vie aggressively for leadership.
- How China's younger netizens participate in their evolving digital economy as consumers, creators, and entrepreneurs
- Why Online/Office (OMO, Online-merge-with-Offline) integration is viewed as the natural next step on from the O2O (Online-to-Offline) model used in the rest of the world
- The ways in which traditional Chinese industries such as retail, banking, and insurance are innovating to stay in the game
- What emerging markets can learn from China as they leapfrog past the personal computer age altogether, diving straight into the mobile-first economy
Anyone interested in what's next for Chinese digital powerhouses―investors, governments, entrepreneurs, international business players―will find this an essential guide to what lies ahead as China's flexes new digital muscles to create new forms of value and challenge established tech giants across the world.
- ISBN-101119748917
- ISBN-13978-1119748915
- Edition1st
- Publication dateJanuary 21, 2021
- LanguageEnglish
- Dimensions6 x 1 x 8.9 inches
- Print length416 pages
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Editorial Reviews
From the Inside Flap
CHINA'S DIGITAL INNOVATION CHALLENGES US TECH SUPREMACY
"As the United States and China head down the ill-conceived path of digital and technology decoupling, The Digital War must be read before these policies become irreversible. Winston Ma's insider's view of China's digital development takes the reader down a path too rarely tread by those trying to understand China."
Stephen A. Orlins, President, National Committee on US-China Relations
"If you're not paying attention to China's digital transformation, you're missing the emergence of the world's new technology superpower, one whose innovations will drive rapid economic advances and alter the balance of global economic power. Thankfully, Winston Ma has delivered exactly the kind of comprehensive, timely and thought-provoking account you need to get up to date. Don't miss the vitally important read."
Michael J. Casey, co-author, The Truth Machine: The Blockchain and the Future of Everything
"The Fourth Industrial Revolution may impose significant challenges for many of the smaller countries, especially those that are lack of technology resources and have large labor forces that might be replaced by AI. But it may also be a leapfrogging opportunity for them, if those countries embrace the new technology revolution just as keenly and the Digital Silk Road from China provides necessary support. Winston Ma's latest book on digital economy is a cutting-edge text that spotlights the digital transformation in China and its global impact through the Silk Road in the cyberspace."
Prof. Klaus Schwab, Founder and Executive Chairman, World Economic Forum
"China is determined to make innovation an engine for the next stage of the country's development, and no sector has been more creative or dynamic than the mobile economy, which in some areas has surpassed even the United States. Winston Ma's deep dive into this fiercely competitive, constantly evolving industry dissects the companies, personalities and forces that are transforming China and that inevitably will influence commerce far beyond its shores."
John L. Thornton, Co-Chairman, Brookings Institution
"Having worked at both the Wall Street and China Investment Corporation, Winston Ma seems eminently qualified to give both Western and Chinese readers a unique perspective on the development of China's digital economy. This is the go-to guide for companies and investors seeking to understand China's grand tech ambitions, what the Chinese players' strategy is, and where the huge opportunities are."
Dr. Chen Datong, Founding Partner, West Summit Capital
From the Back Cover
CHINA'S DIGITAL INNOVATION CHALLENGES US TECH SUPREMACY
"As the United States and China head down the ill-conceived path of digital and technology decoupling, The Digital War must be read before these policies become irreversible. Winston Ma's insider's view of China's digital development takes the reader down a path too rarely tread by those trying to understand China."
Stephen A. Orlins, President, National Committee on US-China Relations
"If you're not paying attention to China's digital transformation, you're missing the emergence of the world's new technology superpower, one whose innovations will drive rapid economic advances and alter the balance of global economic power. Thankfully, Winston Ma has delivered exactly the kind of comprehensive, timely and thought-provoking account you need to get up to date. Don't miss the vitally important read."
Michael J. Casey, co-author, The Truth Machine: The Blockchain and the Future of Everything
"The Fourth Industrial Revolution may impose significant challenges for many of the smaller countries, especially those that are lack of technology resources and have large labor forces that might be replaced by AI. But it may also be a leapfrogging opportunity for them, if those countries embrace the new technology revolution just as keenly and the Digital Silk Road from China provides necessary support. Winston Ma's latest book on digital economy is a cutting-edge text that spotlights the digital transformation in China and its global impact through the Silk Road in the cyberspace."
Prof. Klaus Schwab, Founder and Executive Chairman, World Economic Forum
"China is determined to make innovation an engine for the next stage of the country's development, and no sector has been more creative or dynamic than the mobile economy, which in some areas has surpassed even the United States. Winston Ma's deep dive into this fiercely competitive, constantly evolving industry dissects the companies, personalities and forces that are transforming China and that inevitably will influence commerce far beyond its shores."
John L. Thornton, Co-Chairman, Brookings Institution
"Having worked at both the Wall Street and China Investment Corporation, Winston Ma seems eminently qualified to give both Western and Chinese readers a unique perspective on the development of China's digital economy. This is the go-to guide for companies and investors seeking to understand China's grand tech ambitions, what the Chinese players' strategy is, and where the huge opportunities are."
Dr. Chen Datong, Founding Partner, West Summit Capital
About the Author
WINSTON MA is an investor, attorney, author and adjunct professor in the global digital economy. Most recently for 10 years, he was Managing Director and Head of North America Office for China Investment Corporation (CIC), China's sovereign wealth fund. Prior to that, he served as the deputy head of equity capital markets at Barclays Capital, a vice president at J.P. Morgan investment banking, and a corporate lawyer at Davis Polk. He is the author of the best-selling books including Investing in China (2006), China's Mobile Economy (2016) and The Hunt for Unicorns (2020). Winston was selected as a 2013 Young Global Leader at the World Economic Forum and in 2014 he received the NYU Distinguished Alumni Award.
Product details
- Publisher : Wiley; 1st edition (January 21, 2021)
- Language : English
- Paperback : 416 pages
- ISBN-10 : 1119748917
- ISBN-13 : 978-1119748915
- Item Weight : 1.4 pounds
- Dimensions : 6 x 1 x 8.9 inches
- Best Sellers Rank: #1,890,562 in Books (See Top 100 in Books)
- #329 in International Business (Books)
- #386 in Digital Design (Books)
- #1,064 in Management Science
- Customer Reviews:
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About the author

Winston Ma is an investor, attorney, author, and adjunct professor in the global digital economy. He is one of a small number of native Chinese who have worked as investment professionals and practicing capital markets attorneys in both the United States and China. He is currently a Co-Founder and Managing Partner of CloudTree Ventures, a seed to early growth stage venture capital firm empowering interactive entertainment companies. He is currently the board Chairman of Nasdaq-listed MCAA, a European tech SPAC, an advisory board member of Capgemini, and an Adjunct Professor at NYU Law School.
Most recently for 10 years, he was Managing Director and Head of North America Office for China Investment Corporation (CIC), China’s sovereign wealth fund. Prior to that, Mr. Ma served as the deputy head of equity capital markets at Barclays Capital, a vice president at J.P. Morgan investment banking, and a corporate lawyer at Davis Polk & Wardwell LLP.
A nationally certified Software Programmer as early as 1994, Mr. Ma is a well-published book author on China's mobile internet, tech investing, and global implications. He was selected a 2013 Young Global Leader at the World Economic Forum (WEF) and has been a member of the Council for Long-Term Investing and Council for Digital Economy and Society. . He is an adjunct professor at NYU School of Law (current course “Sovereign Investments & Regulations”) and a member of New York University (NYU) President’s Global Council since inception. In 2014 he received the NYU Distinguished Alumni Award.
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That was China’s ‘Sputnik’ moment. The country has not looked back since. The first few chapters deal with China’s rapid development since 2017, and how in the years interspersed by COVID-19, China had raced ahead in many areas of AI. ZOOM became the work platform in the pandemic, and although ZOOM has its headquarters in the USA, it was developed by companies in China. Other big apps appear and today, TikTok is the leader with its closest competitor, Bilibili, being also a China start-up.
Then Ma moves on to the serious developments. If there is a tech war on, the sanction by USA against ZTE in 2019 may be described as the Fort Sumpter moment. However, the bulk of the book is focussed on the innovations by China’s companies and government. The pioneering use of shared bicycles may take some time for Westerners to absorb but that is just a part of a whole that includes other parts – some of which Westerners appreciate better than others. AirBnB is one. Shared economy is an ideation, perhaps better understood and accepted in a socialist background that a capitalist one.
While the world is befuddled by bitcoin, cryptocurrency, and blockchain, China has become a leader in the development and management, including setting out legal rules for their operation. The rules include laws that take into account a citizen’s privacy. In each of these developments, the West (indeed, the rest of the world) is lagging far behind.
The result is that out of fear and jealousy, the main Western player – the USA – is stepping in at every turn to try and frustrate and contain China’s development. The counter-effect is that this only spurs China to be even more independent of the US. The consequence is a digital world split between US and China, and the rest of the world are forced to pick a side. That is not what the world wants.
Anyone interested in technology, finance, and the future of the global economy must read this book.
If you're looking for an unbiased unpolitical straight shooting book to understand what the world's 2nd largest economy is thinking without needing to spend months or years in China yourself-- this book is a must have.
Top reviews from other countries
However, "Digital war" is a great propangada manual written by a preacher of the "Middle Kingdom"'s greatness. Keep in mind if you choose to read it that the author's opinion might be flawed. This book shows only the bright side of the Chinese digital world, key issues are missing to fully understand the current Chinese tech ecosystem.
Chinese web censorship and control :
Winston Ma doesn't touch a word about the "Great Firewall of China" and the party's control over Chinese netizen.
2 million internet commentators are paid by the CCP and more than 20 millions part-time volunteers scan the web to check if any netizens post on social media match with the party's dictum.
Chinese goverment crackdown over private sector :
The Digital war was published after the Jack Ma affair and the government crackdown over Alibaba. Even if this event could have a big impact in the Chinese tech sector, the author doesn't comment it.
China's tech giant cyberwar :
Winston Ma details the technology acquisition strategy of the Chinese tech companies through M&A but we don't hear about another practice of Chinese companies : Code theft. This practice has been documented over two cases : 1. Huawei theft code of Alcatel DSLAM device technology, that was used in their product (M500 ) to won a contract with British Telecom in 2005. cf AntoineIzambard. 2. Ant Financials theft code of Equifax credit system to use for its core technology Zhima credit. But many more are maybe unknown.
With this book, does Winston Ma wants to explain the whys and wherefores of the current Digital War between the US and China or does he just wants to convince the reader that China has the ability to win this Digital War ?
The race is on and Winston Ma, who is an expert in both worlds, is giving you hints and predictions of where the world is heading to!
A must read to anyone interested in their and the world's future!






