China Internet News: China’s Slow Internet Service Is Taking Its Toll On Business
Adelyn Torralba | | Jun 12, 2015 02:07 PM EDT |
(Photo : Reuters) China's National Audit Office has revealed that government spending has reduced by nearly 30 percent since last year.
The European Chamber of Commerce in China recently released a report on the effects of China's slow internet to businesses in the country.
According to The Wall Street Journal, the country's slow internet and their excessive censorship of the growing number of websites have taken its toll on the Chinese business communities. The chamber's President Jorg Wuttke said that in order to bring the attention of the authorities, it is better to talk to them, rather than send an email. Foreign companies in China have expressed their frustration over several websites being banned in the country. This move has slowed down business transactions and a less market reach.
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Although efforts have been made by the Chinese government to increase the speed of their internet, the ban on access remains an issue within the business community. Wuttke also said, "Beijing understands the business implications, but for the world's second largest economy and the biggest foreign investor, it is simply not fitting to be five times slower than South Korea." In a survey made to see investor's trust in China, when it comes to business, 58 percent of them believes there is great potential, however, the figure dropped by 10 percent from 2014.
Laura Burkitt from the European Union Chamber of Commerce in China also had in her report concerns about clear and distinct laws on China's legal system where economic growth is concerned. In a report by ChinaDigitalTimes, while European businesses in China are very positive about the growth and profitability of business in the country, the issues of online barriers still haunts the future of these businesses. In his statement, Wuttke said, "Despite difficulties, most companies have to be in China, if China slows down, there's no other place to compensate."
These concerns were brought out after the release of convicted corporate investigator Peter Humphrey. Humphrey was accused and convicted of privacy violations. The impact of slow internet and several website banning was so huge that European businesses are feeling its effect, making them act on the concern and hope to have a renewed service in no time.
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