【英文】ITIF报告：中国在国际数字经济中的竞争力（24页）

Controlling financial services is key to realizing the benefits of super apps. The popularity of  digital financial services has been propelled by the weaknesses of China’s banking system,  constraining the adoption of credit cards: There were only 0.3 cards per capita in 2015 compared with 2.5 in the United States.20 By collecting data on mini program sales and its  users’ spending more broadly, Alipay can glean far more about the financial prospects of both  businesses and consumers, which it has used to dramatically outperform traditional banks. Ant  Financial’s MYBank operates on a “3-1-0” model, promising small and medium businesses that  loan applications can be completed within three minutes and approved in one second with zero  human intervention.

On the consumer side, Huabei (which translates to “just spend” in  Chinese) offers no-interest microloans, with credit limits starting as low as $7. 22 Additional lending platforms are limited by Alibaba’s credit-scoring system, Sesame Credit. 23 In September 2020, Ant announced that, of its five services—payment, wealth management, micro-financing,  insurance, and credit—40 percent of Alipay customers have used all five, and 80 percent have  used at least three.24 CHINA’S INTERNATIONAL MARKET SHARE  As in many advanced industries in China, Chinese share of the global market is relatively  sizeable. But because of the massive size of the Chinese market, once Chinese sales are taken  out, its share is much more modest. This section examines China’s market share in a number of  key digital markets.