We’ve reached a turning point in China’s digital economy: Growth has been easy. Now, it’s getting much harder.

Since 2010, a constant stream of new internet users and fast money has driven a digital boom. China is now the world’s largest e-commerce market, the world’s leader in mobile transactions and home to around a third of the world’s digital unicorns. But building on that growth looks a lot harder now. The three engines that propelled China’s digital economy—new users, time on device, and capital—are starting to stall.

China’s mobile internet is reaching saturation. China now has more than 800 million internet users. China’s urban consumer class—households an annual income over $16,000—are pretty much all connected to the internet.

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Michael Norris

Michael Norris is a TechNode contributor and Research and Strategy lead at AgencyChina. He focuses on how culture, technology, and digital trends affect industry and business. Michael is a TechNode Insider.