Search
Close this search box.

We are creating some awesome events for you. Kindly bear with us.

China’s Digital Economy Landscape

The number of internet users in China has virtually tripled since the early 2000s, growing from 298 million in 2008 to 988.99 million in 2020 with 98% of Chinese internet users are mobile. While COVID-19 has accelerated digital transformation throughout many parts of the world, China’s digital economy and the e-commerce industry, in particular, has seen significant growth.

The growth is because Chinese people turn to mobile apps and spend more time online. Amid COVID-19 safety measures, people tend to use technology for various aspects of everyday life from browsing the news online to using apps for ordering food and groceries.

The entrepreneur-driven China is prepared to reshape and inspire some elements of technology across the world. Big and colourful personalities and social elements, as well as an understanding of the local culture, play a big part in Chinese applications.

Besides the e-commerce industry, other growing trends in China’s digital economy include 5G, big data, Artificial Intelligence (AI), live streaming, blockchain, and a dual circulation economy which refers to a greater focus on the domestic market and native innovation and less reliance on China’s export-oriented development strategy.

China makes use of these technologies in unique ways. Big data helped produce hit television shows, capture fugitive criminals, and even contributes to their social credit rating system which could determine whether a person pays a deposit when renting something. 5G technology also supported China’s fight against the COVID-19 pandemic, enabling doctors in Beijing to establish real-time communications with those in Wuhan, the epicentre of the virus outbreak.

According to an article, The digital economy will become a key ingredient of China’s national strategy during the 14th five-year plan period (2021-25). Beijing is eyeing to have the digital economy, largely synonymous with the enhancement of traditional industries through digital tools, account for around 10% of its newly added economic output by 2025.

Based on the latest blueprint, China will give digitalisation full play, leveraging the troves of data and the wealth of application scenarios to enhance its merger with the real economy, enable the upgrade and transformation of traditional industries and foster new industries and new business models.

An economist said that China regards the transformation and upgrading of the digital economy as a key window of opportunity in the next 10 years, and that the digital economy will become the core component fuelling economic transformation.

China’s plan highlighted high-end chips, operating systems, AI algorithms and sensors as among key technological areas to be sharpened, while research and development of basic theories, basic algorithms and equipment materials should be advanced.

New infrastructure mostly involving 5G, data centres and basic software, will have enhanced investment through innovative vehicles such as public-private partnerships. The document also recognised AI, big data, blockchain, cloud computing and cybersecurity as emerging digital industries to be fostered, and called for the betterment of telecom equipment, core electronic components and key software.

As reported by OpenGov Asia,  the COVID‑19 pandemic has also accelerated the progress of financial technology (fintech) in China. Since China’s efforts to reform and its policy of opening-up began, technology has played an essential role in its financial sector. fintech, which has been actively applied to improve financial services and supervision, has played a significant role in the development of China’s financial sector.

With the advent of the internet and mobile banking, fintech in China with fintech has made a huge leap forward. In the past few years, the Chinese government has laid the groundwork to allow for the networking of financial services. These foundations and the experience gained in the realm of innovative mobile finance have grounded China’s financial sector. China’s regulatory departments have always valued the application of science and technology in the financial sector, and see fintech as an important component in the construction of related infrastructures

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.