Foreword The Digital War to End War by Anthony Scaramucci xiii Author’s Notes and Acknowledgments xvii About the Author xxi Preface xxiii Part One From “Mobile Economy” to “Digital Economy” 1 Chapter 1 China’s Leap into 5G iABCD 3 Chapter 2 The World’s Largest Mobile Economy 43 Part Two China’s Digital Transformation and Innovation 71 Chapter 3 Big Data on the Digital Middle Class 73 Chapter 4 The AI-powered Internet Celebrities and Fans Economy 105 Chapter 5 The Heartland of Blockchain and Fintech 143 Chapter 6 O2O and the Shared Economy 178 Chapter 7 From C2C to 2CC: “Innovated in China” 210 Chapter 8 Land of Big Data and Its Legal Framework 241 Part Three Shared Digital Future 271 Chapter 9 The Tech Cold War 273 Chapter 10 The Silk Road in Cyberspace 301 Bibliography 333 China’s Digital Innovation Challenges US Tech Supremacy 355 Index 357

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