China to give new impetus to the digital economy

A visitor views a 5G + VR racing cockpit at the China International Digital Economy Expo 2021 in Shijiazhuang, north China’s Hebei Province, September 7, 2021. [Photo/Xinhua]

China will strengthen its basic capacities in the development of the digital economy and improve the quality of the digital economy, with the aim of strengthening the country’s new strengths in the digital economy, the People’s Daily reported.

With the rapid development of emerging digital technologies, such as cloud computing, big data, Internet of Things and artificial intelligence, the digital economy has become the most active and influential industrial sector with the most growth. fast.

The reach and scale of the digital economy has also been greatly expanded, covering an abundance of products, services, modes of trade and industries.

In recent years, the global tech industry has faced increasingly fierce competition. Some large economies are working hard to strengthen their arrangements for digital technological innovation, technical standards and international regulations, in order to seize competitive opportunities.

China, dependent on a huge domestic market, has accelerated the construction of infrastructure, boosted technological innovation and propelled the digital economy at a rapid pace. China has competitive advantages in consumption and the Internet, becoming a major force in promoting the development of the global digital economy.

During the 13th Five-Year Plan period (2016-2020), China built the world’s largest fiber-optic and 4G network, with more than 99% of the country’s villages connected to both technologies. The number of 4G base stations also accounted for more than half of the global total.

According to a white paper published by the Chinese Academy of Information and Communication Technologies, China’s digital economy was worth nearly $ 5.4 trillion last year, ranking second in the world. This represented an annual growth of 9.6%, the fastest in the world.

China has played an active role in innovating the digital economy. In sectors such as mobile payment, original Chinese business modes have emerged and have dominated the world. Some startups have experienced rapid development, attracting a lot of investment.

Meanwhile, China’s digital economy is also experiencing some problems, such as unbalanced development in different regions, industries and businesses. Some core technologies, including precision sensors, integrated circuits, operating systems, industrial software, and open source platforms, are heavily dependent on foreign companies.

Faced with its strengths and weaknesses, the country should seize the opportunities to develop its new strengths in the digital economy as underlined by the 14th five-year plan (2021-25) and the long-term objectives until 2035.

With a large market space and many application scenarios, the development of China’s digital economy is expected to extend from consumption to production area and improve the total factor productivity of the real economy.

China’s digital economy has competitive advantages in the innovation of business modes. In the future, more efforts should be devoted to hard technologies, strengthen the weakness of basic technologies and ensure stable development and industrial security of the digital economy.

Today, China’s strengths in the digital economy translate more into products and services. In the coming years, more effort should be devoted to technical standards and governance rules, and accelerate the formulation of national digital technical standards, digital trade rules and digital governance rules.

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