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Academics and entrepreneurs have expected that new growth drivers for the world will be created by emerging technologies like the Internet of Things (IoT) and the growing digital economy, where China is booming.
The emergence of cutting-edge technologies, such as IoT and innovations in the digital economy, will give the global economy new impetus despite challenges from various issues including the COVID-19 pandemic, according to He Xuming, chairman of the World Internet of Things Convention executive committee.
He added that China will probably have more than 3 million 5G base stations this year, establishing a strong foundation for the growth of IoT, and the GDP of the developing digital economy will probably rise by about 30%.
A growing variety of IoT products, systems, and platforms have already emerged, encompassing a wide range of domains including industry, agriculture, logistics, transportation, energy, and smart lives. IoT-supported digital and smart industries have enormous growth potential.
Reports cited that China has made significant strides in accelerating the development of the digital economy during the last few years.
The nation released a blueprint for the creation of a digital China earlier this year, which will act as a key catalyst for accelerating its modernisation drive in the digital era and offer strong support for the creation of a new competitive edge.
According to the plan, China will be at the forefront of global digital development by 2035, and its digital advancement in specific areas of economy, politics, culture, society, and ecology will be better coordinated and sustained.
IoT and AI will increase connectivity between industrial chains and businesses, lowering costs, enhancing efficiency, and increasing production.
Officials and analysts cited that China would intensify its focus on crucial emerging industries including big data, artificial intelligence (AI), and intelligent linked cars in addition to fostering advanced manufacturing to secure the high-quality development of the digital economy.
According to Wang Jiangping, Vice-Minister of Industry and Information Technology, the development of digital infrastructure will proceed at a faster rate with a focus on advancing the adoption of new-generation information technologies in a variety of fields.
Further, data from the Ministry of Industry and Information Technology cited that the country had more than 2.84 million 5G base stations by the end of May, and there were more than 2.05 billion cellular IoT end users.
The digital economy, according to Cong Liang, Deputy Head of the National Development and Reform Commission, is crucial to the growth of the nation’s economy. He urged actions to advance information infrastructure connection and broaden global collaboration in the digital economy.
China will make significant efforts to develop digital infrastructure and data resource systems and support a deeper integration of digital technologies with the industry, politics, culture, society, and environment.
Noting the evolution of data into a novel category of production factor, Mei Hong, an academician at the Chinese Academy of Sciences, stated that to fully unlock the value of massive data resources, expedited steps should be taken to establish a market for data elements, encourage the confirmation of data-related rights, and facilitate the circulation and transaction of data resources.
China recently outlined 20 important steps to create fundamental data systems and fully realise the benefits of data resources. Also, a data property rights system, a circulation and trading system, an income distribution system, and a security governance system will be established as the fundamental systems.
