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A Digital Roadmap for Economic Recovery is pivotal in the contemporary landscape, offering multifaceted benefits. It ensures technological resilience by equipping nations with advanced tools like artificial intelligence (AI) and IoT, fostering efficiency, reducing costs, and enhancing global competitiveness.
Experts and business executives believe that the digital economy’s revitalisation and the merging of digital and physical industries will be crucial factors in propelling China’s economic recovery. Hailed as the leading edge of industrial development, the digital economy is now a crucial component of China’s development plan.
Tech companies are being strongly advised to invest in cutting-edge technology, conduct fundamental research, and investigate strategically important but future-focused areas. The main goal is obvious: strengthen technical innovation capacities to bring in a new phase of development and modernise established sectors.
The need to foster new momentum and advance traditional sectors is at the top of China’s development agenda. This need highlights the significance of the Central Economic Work Conference, which is coming up soon. This important gathering usually establishes the priorities for economic development and sets the tone for macroeconomic policy for the coming year.
Wu Hequan, an academic at the Chinese Academy of Engineering, notes that “innovative digital technologies like 5G, artificial intelligence, cloud computing, and the internet of things are weaving their magic across diverse industries, from manufacturing to agriculture, and hastening integration with the tangible economy.”
He highlights that fostering the digital economy is essential to gain a competitive edge, accelerate digital transformation, modernise established sectors, and efficiently support the tangible economy.
China’s digital economy soared to 50.2 trillion yuan (S$7.01 trillion) in 2022, securing its position as the world’s second-largest digital economy, constituting 41.5% of its GDP, as the China Academy of Information and Communications Technology reported.
China has outlined a strategic plan that includes concrete measures for building data resource systems and digital infrastructure. The State Council and the Central Committee of China jointly announced a plan that highlights the commitment to further integrating digital technology into the country’s politics, economy, society, culture, and ecology.
The head of the China Society of Industrial Economics, Jiang Xiaojuan, emphasised that traditional industries will be the primary arena for the emergence of the digital economy. She stressed how important it is to build a market system for data elements and discover hidden value in large data sets.
Further, platform enterprises are the pivotal figures in this digital transformation. Given China’s position as the world’s largest online consumer market and its extensive digital infrastructure, capitalising on these platforms has become critical for economic growth.
The National Data Administration pledges to share notable investment cases with other government agencies, bolstering support for these businesses to play a more dynamic role in propelling the digital economy.
This strategic approach generates employment opportunities in emerging fields, necessitates skill development, and encourages economic diversification by fostering the growth of digital industries alongside traditional sectors.
Additionally, the digital roadmap facilitates informed decision-making through a data-driven approach, enhances connectivity domestically and internationally, and promotes sustainable development practices. As consumer behaviours evolve, the strategy adapts businesses to changing preferences, making e-commerce and digital services essential components.
From a governance perspective, digitalisation streamlines processes, contributing to a business-friendly environment and fostering economic growth. In essence, this comprehensive approach not only addresses current challenges but positions nations to thrive in the evolving digital age.
