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Economics Assignment: Wang Hong Economy
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Added on 2020-05-28
Economics Assignment: Wang Hong Economy
Added on 2020-05-28
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Running head: WANG HONG ECONOMY Wang Hong EconomyName of the StudentName of the UniversityAuthor Note
1WANG HONG ECONOMY Table of ContentsIntroduction......................................................................................................................................2“Wang Hong”: Origin and Meaning................................................................................................3Wang Hong Economy......................................................................................................................4How Wang Hone Economy works in China....................................................................................4How are internet celebrities different from traditional celebrities?.................................................5Reasons behind the rise of the Wang Hone Economy in China......................................................7Online relating perspective of Wang Hong Economy.....................................................................8Conclusion.......................................................................................................................................8References........................................................................................................................................9
2WANG HONG ECONOMY Introduction One of the driving factors in the industrial and economic growth and changes in thedynamics of the same in the international scenario has been the technological innovations andprogress experienced in different areas in the global framework. Over the years, the world hasexperienced immense progress in terms of technological innovations, which not only affected theindustrial and commercial aspects but has influenced the overall way of living of people in allcorners of the world. One of the primary innovations, which have widely influenced the lifestyleglobally, is of that of internet. Over the years, the usage of internet has expanded significantly,with more people being accustomed to the concept and its applications. Internet is now asignificant part of the personal and professional domains of people in general, in all parts of theworld. Keeping the aspect of increased influence and usage of internet in people’s everyday lifeinto consideration, the assignment tries to discuss about the recent phenomenon, which havebeen occurring primarily in countries like China, which is popularly known as the “Wang HongEconomy” in the contemporary periods. The term “Wang Hong Economy”, is generally used torefer to the new age digital economy, which is increasingly gaining importance and relevance inthe contemporary period. To study the relevance and implications of the same, the followingsection of the assignment conducts an extensive review of the exiting literatures and scholarlyevidences present in this aspect, emphasizing on the economy of China, from where this concepthas originated.
3WANG HONG ECONOMY “Wang Hong”: Origin and Meaning The term “Wang Hong”, having its origin in China, broadly refers to the new age internetcelebrities who are gaining immense global attention in the contemporary period. As describedby Sullivan and Kehoe (2017), in their elaborate work on the evolution and dynamics in theworld of celebrities in China, the mode of entertainment for people has undergone immensechanges and modifications over the years, with the nature and the magnitude of entertainmentchanging continuously. In the constant competition of getting more popularity and becomingmore famous, people have taken up newer methods of publicizing and advertising oneself. Oneof the newest of these methods of advertising and reaching out to more people is by the use ofthe increasing popular platform of social media. With the invention and widespread usage ofinternet, social media has become a part of the daily lives of people across the world. Accordingto the authors, social media not only remains as a mode of global communication, but has alsobecome a medium of exchanging thoughts and ideas, which gave rise to the notion of using thesame platform to reach out to more people and to display or convey what they has to show orsay. Talking in the line of Sullivan and Kehoe, in his article, Wang (2017), elaborated theconcept of Wang Hong. As asserted by the author, Wang Hong in China refers to thosecelebrities who get popular not by conventional media but though internet and the differentsocial media platforms. These people, well aware of the increasing usage of social media amongpeople of different age and nature, use this platform to showcase their talents, thereby gainingimmense popularity, which can be highly attributed to the ease of using internet, it’s incrediblepace and vast reach. This phenomenon is no longer a discrete one as its increasing popularity andeconomic prospects have been attracting more people to use the same to become popular.
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