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The 2023 World Digital Economy Conference & 13th China Smart City and Intelligent Economy Expo recently drew to a close in Ningbo, East China’s Zhejiang province, leaving in its wake a sense of optimism and dynamism in the realm of digital economy. The event brought together more than 200 esteemed experts and scholars who are navigating the ever-evolving landscape of the digital economy.
Amidst the discussions and collaborations that unfolded, one of the most striking takeaways was the signing of 40 investment projects, poised to establish their roots in Ningbo, collectively amounting to an impressive 30 billion yuan (S$4.1 billion) in total value. This considerable influx of investment underscores the unwavering confidence and burgeoning interest that investors have in Ningbo’s potential as a thriving nucleus for digital economic development.
Ningbo has carved a distinctive path towards the advancement of the digital economy in China. In 2022, the city’s digital economy contributed an impressive value exceeding 800 billion yuan (S$140 billion), an amount that eclipsed more than half of its total GDP, showcasing its preeminent position in this sector.
Reports cited that Ningbo was acknowledged as a new first-tier city in China, specifically for its strides in fostering the development of the digital economy during the year 2022. The commitment to advancement and innovation is deeply embedded in the city’s ethos with Ningbo leading the charge, investors and stakeholders have every reason to believe in the city’s potential as a digital economic powerhouse.
The international stage has also witnessed a profound commitment to investing in China. Officials from several multinational corporations have expressed their unwavering dedication to continuing their investments within the nation. For them, China stands as a strategic linchpin in their global operations.
As Vice-Minister of Commerce Wang Shouwen aptly reiterated, the Chinese government accords a high level of attention and regard to foreign-invested enterprises. He laid out the government’s unwavering position regarding the expansion of opening-up and the attraction of foreign investment.
This position remains steadfast, encapsulated in a commitment to broadening market access, safeguarding the property rights of foreign-invested enterprises, and nurturing a conducive and robust business environment. This unwavering commitment to ensuring a welcoming and nurturing environment for foreign investors underscores China’s dedication to global collaboration and prosperity.
The nation is deeply committed to providing them with an array of opportunities as they embark on their journey to explore the vast Chinese market and expand their footprint in foreign trade.
China, with its unwavering commitment to opening up, ensuring a conducive business environment, and facilitating foreign investment, is sending a resounding message to the world: It remains a pivotal player in the global digital economy. The World Digital Economy Conference in Ningbo is a testament to this commitment, with investors flocking to the city, drawn by the promise of innovation and opportunity.
As the digital economy continues to evolve and redefine industries, the alliance between public and private sectors in places like Ningbo and the broader commitment to international cooperation underscore that the future of the global digital economy is brighter than ever. With investments flowing and innovation abounding, the digital economy is poised to play an increasingly central role in the global economic landscape, as showcased by the dynamism on display at the conference in Ningbo.
