The digital economy, which includes cutting-edge technologies such as big data, artificial intelligence (AI), and 5G, has played an increasingly crucial role in promoting China’s high-quality economic development and industrial upgrade, according to officials and industry experts.
Beijing’s Vice-Mayor Jin Wei stated that there is a global consensus on facilitating the development of the digital economy, with artificial intelligence (AI) becoming a focal point, and that Beijing aspires to be an international centre for science and technology innovation and a leader in the digital economy domain.
Jin stated that the city has made significant advancements in 6G, quantum technology, and blockchain, and will intensify efforts to create digital infrastructure and digital industrial clusters, improve digital governance systems, and advance the innovation of futuristic theories and technologies.
Beijing intends to be a hub for the convergence of global innovation elements and a source of technical innovation in cutting-edge science and new sectors, according to a recent work plan distributed by the Science and Technology Ministry.
Massive data has permeated all aspects of society and become a new form of production factor, according to Jiang Xiaojuan, president of the China Society of Industrial Economics and professor at the University of Chinese Academy of Social Sciences. Also, it influences the allocation of social resources and the economic and social operations’ logic.
Because China has the world’s largest online consumer market and the largest industrial digital infrastructure, it is crucial to vigorously develop the digital economy and fully utilise the role of platform enterprises in promoting economic development.
Globally, the digital economy is currently thriving. Innovative digital technologies such as big data, cloud computing, and AI are fueling the emergence of new industries and business models, which are integrating into the real economy and finding a broad range of applications across industries.
According to a report published by the China Academy of Information and Communications Technology, the nation’s digital economy reached S$7 trillion in 2022, ranking second in the world and accounting for 41.5% of the country’s GDP.
The nation will take decisive measures to construct digital infrastructure and data resource systems, as well as promote the integration of digital technologies with the economy, government, culture, society, and ecology.
The next iteration of information technology is driving a new round of industrial revolution and has been increasingly implemented to accelerate digital transformation in a variety of industries.
Digital transformation in traditional industries, such as manufacturing, energy, and transportation, has become the primary battleground for the development of a digital economy, with an emphasis on constructing a data elements market system and releasing the value of massive data resources.
Further, China unveiled 20 critical measures to build fundamental data systems and maximise the value of data resources. The basic systems will include a data property rights system, a circulation and trading system, a revenue distribution system, and a security governance system.
Besides, the country is in the process of establishing a national data bureau that will coordinate the integration, sharing, development, and application of data resources.
The nation believes that even though accurate recommendations based on AI-powered algorithms facilitate people’s daily activities, it is crucial to safeguard personal privacy during the data-sharing process.
With this, experts called for increased efforts to promote the classification of data resources and the confirmation of data-related rights, to investigate the data pricing mechanism and value appraisal system, and to facilitate the circulation and transaction of data.
