China’s digital economy, ranking second in the world for many years, has seen robust growth and become a major growth engine for the country marching toward modernization. The scale of China’s digital economy reached 50.2 trillion yuan (about 7.25 trillion U.S. dollars) in 2022, accounting for 41.5 percent of the GDP, said a report on digital China development released recently.
The digital economy refers to economic activity that is based on digital technologies, including the internet, mobile devices, cloud computing, and other emerging technologies. This includes both the production and consumption of digital goods and services, as well as the use of digital technologies to support traditional economic activities. Examples of digital goods and services include online shopping, digital media such as music and movies, and digital advertising. The digital economy also encompasses new business models enabled by digital technologies, such as the sharing economy and platform-based businesses.
Globally, the digital economy has grown rapidly in recent years and is expected to continue to do so in the future. This growth has led to significant changes in the way that businesses operate, as well as in the broader economy and society as a whole. The developed nations are in a race to surpass others, whereas, the underdeveloped and developing nations desire to improve and popularize it. It is a global trend and all nations are struggling hard in this aspect.
The report was issued by the Cyberspace Administration of China at the 6th Digital China Summit, which opened on Thursday in the city of Fuzhou in east China’s Fujian Province. With the theme of “Accelerating the construction of digital China to promote Chinese modernization,” the two-day summit focuses on showcasing the latest achievements of the Digital China initiative, and on sharing experiences in digital development.
Participants have the opportunity to witness remarkable progress in areas such as digital infrastructure, the digital economy, and digital society at an exhibition dedicated to digital development. A digital product expo, a digital innovation competition, and a series of forums are also set to be held during the event. The building of Digital China provides information technology and resources to drive modernization, promote high-quality development, and will become an important engine for Chinese modernization in the digital era, said Wang Qinmin, head of the national expert’s panel on e-government affairs, at the opening ceremony of the summit.
As an important part of the Digital China Summit, the Digital Achievements Exhibition opened to the public at the same time in Fuzhou. This is the sixth consecutive time that the Chinese internet company Meitu participated in the exhibition. It presented an AI-generated content (AIGC) series of innovative products such as “AI painting”, “AI stick figures,” and “AI animation” in the exhibition. As a new technology paradigm, AIGC has brought new enlightenment and broader creative space to the image digital industry.
According to public data, the penetration rate of AI painting in the field of image content generation will reach 10 to 30 percent in the next five years, and the market scale will exceed 60 billion yuan.
The deep integration of the digital economy and the real economy will enable the transformation and upgrading of traditional industries, create new industries and new business forms and models, and become a new engine for strengthening economic development.
The figures and cases mirrored China’s constant efforts to promote economic digitalization.
China will accelerate the development of the digital economy and further integrate it with the real economy, according to the report to the 20th National Congress of the Communist Party of China.
In the past five years, the digital economy has consistently been mentioned in the Chinese government’s annual work reports. During this year’s “two sessions,” the country unveiled a momentous development that it will set up a national data bureau.
China has also rolled out a plan for the overall layout of the country’s digital development in February, vowing to make important progress in the construction of a digital China by 2025, with effective interconnectivity in digital infrastructure, a significantly improved digital economy, and major breakthroughs achieved in digital technology innovation.
By 2035, China will be at the global forefront in terms of digital development, and its digital progress in the economic, political, cultural, social, and ecological fields will be more coordinated and sufficient, according to the plan.
China has gained good experience and a strong will to assist other nations to promote the Digital economy. Friends of China may be benefitted from Chinese experiences and achieve the desired goals.
Reference Link:- https://english.news.cn/20230116/85e0928e11ba4f5d82545cb7be09c64c/c.html
Thank you. Please be more specific. The analysis is vague. Developments in the chip industry are breath taking. China is a key player. Explore that.