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China Focuses on Digital Economy Development During 14th Five-Year Plan

China will further promote the development of a digital economy during the 14th Five-Year Plan (2021-25) period, according to a circular issued by the General Office of the State Council. By 2025, the digital economy should be in full expansion mode, with the added value of core industries in the digital economy accounting for 10% of GDP.

Meanwhile, digital innovation should play a bigger role in leading economic development with significant progress in the intelligent level and integration between digital technology and the real economy. A better digital economy governance system and a more competitive digital economy are also expected, according to the circular.

According to the plan, efforts will be made to accelerate the construction of the information network infrastructure, and a national-level integrated big data centre system coordinating computing power, algorithms, data, and application resources. High-quality data elements will be provided.

Market entities will be encouraged to collect data following the law. Data resources processing will be improved and the data service industry will be fostered and expanded. In addition, market-based circulation of data elements will be promoted. Furthermore, new mechanisms for the development and utilisation of data elements will be developed.

The plan also emphasised industrial digital transformation. To accelerate digital transformation and upgrading in enterprises, qualified large-scale enterprises will be encouraged to build integrated digital platforms. Efforts will also be made to deepen comprehensive digital transformation in key industries, including the all-around and full-chain digital transformation of traditional industries and higher digitisation level in the agricultural industry.

The circular also urged promoting the digital transformation of industrial parks and clusters. It stresses enhancing innovation of key technologies in strategic and forward-looking fields such as quantum information, network communications, integrated circuits, key software, big data, artificial intelligence, block-chain, and new materials, among others.

Core industries should be more competitive, such as basic software and hardware, core electronic components, key basic materials and production equipment. And key products should be more self-sufficient. New business forms and models will be fostered.

Digitisation of public services is also an important issue, the circular said, and efforts will be made to improve the efficiency of Internet Plus government services, and ensure digital social services benefit more people.

A sound digital economy governance system will be established with the participation of governments, platforms, enterprises, industrial organisations, and the general public. The circular also stressed international cooperation and data and network security.

While data is an important factor in the digital economy, more effort should be made to bridge the digital divide to benefit more user groups. To be specific, we need to improve infrastructure construction and the sharing of computing power from leading companies to smaller ones

As reported by OpenGov Asia, China’s top industry regulator unveiled a five-year plan to accelerate the integration of digital and real economies amid a broader push to lay down a policy framework for the nation’s industrial development until 2025.

The Ministry of Industry and Information Technology said accelerating the deep integration of information technologies in all industrial chains is of great significance to promote industrial digitisation and digital industrialisation in the new era. According to the five-year plan, the ministry will adopt five special initiatives, including promoting manufacturing digital transformation and industrial internet platforms, to advance industrial upgrade.

The ministry said the integrative development of”5G plus industrial internet” is on a fast track in China. At this time, more than 100 influential industrial internet platforms have also been built. In addition, more than 1,800 5G plus industrial internet projects are under construction in China, covering 10 important industries including mining, coal and electricity.

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