MILAN -- The truth is that the Internet-led process of exploiting under-utilized resources - be they physical and financial capital or human capital and talent - is both unstoppable and accelerating. The long-term benefits consist not just in efficiency and productivity gains (large enough to show up in macro data), but also in much-needed new jobs requiring a broad range of skills. Indeed, those who fear the job-destroying and job-shifting power of automation should look upon the sharing economy and breathe a bit of a sigh of relief.
The success of the Internet in China over the past 20 years shows that successful foreign companies in China respect China's market environment and abide by China's law and regulations. U.S. companies operating in China show that those who respect the Chinese law can seize the opportunity of China' s Internet innovation and create immense value, while those who chose opposition stand will be isolated by themselves and finally abandoned by the Chinese market.