China’s Digital Economy Hits US$6.1 Trillion Now Second In The World

Photo by WANG ZHAO / AFP)

China’s digital economy kept a high growth rate of 9.7 percent in 2020 amid the pandemic and global economic downturn, according to a white paper released by the China Academy of Information and Communications Technology (CAICT).

The country’s digital economy scale hit US$ 6.1 trillion last year, accounting for 38.6 percent of the GDP. China depends largely on digitalisation as key to achieving economic recovery and promoting sustainable development with the global economy, which is still in a fragile state of recovery.

Notably, digital economy has displayed strong resilience in the face of the pandemic, as it gives a strong boost to a number of new business models such as online shopping and education, telemedicine and artificial intelligence, said Cai Fang, an expert with the Chinese Academy of Social Sciences.

China has built the world’s largest optical fiber and 4G and 5G mobile broadband networks, with the number of 5G terminal connections exceeding 365 million and 5G application scenarios becoming increasingly rich.

With its digital economy ranking second in the world, China has highlighted the digital economy development in its 14th Five-Year Plan (2021-2025) to build a digital China.

According to a guideline jointly released by Chinese government departments, more efforts will be made to enable domestic digital economy enterprises to accelerate their deployment of overseas research and development centers and product design centers and strengthen cooperation with overseas technology companies in fields such as big data, 5G and artificial intelligence.

Beijing’s digital economy is expected to account for about 50 percent of its GDP by 2025, last year, the added value of the city’s digital economy exceeded US$220 billion, accounting for about 40 percent of its total economic volume.

The World Trade Organisation predicts that digital technologies will promote an annual growth of the global trade volume by around 2 percentage points by 2030, and the proportion of global service trade will be increased from 21 percent in 2016 to 25 percent by then.

Previous articleAnnual Award Recognises AmInvest As Best Overall Asset And Fund Manager
Next articleComfort Glove Has Inventory Buffer To Overcome Factory Closures

LEAVE A REPLY

Please enter your comment!
Please enter your name here