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The “2023 Digital Economy High-Quality Development Conference” held in the city of Hangzhou, Zhejiang Province marked a pivotal moment in understanding the economic contribution of data elements in China.
Wang Zhiqin, Vice President of the China Academy of Information and Communications Technology (CAICT), took the stage to share insights into the preliminary exploration of this critical aspect of economic development.
He shed light on the evolving landscape of data elements in China, emphasising both the progress made and the areas that demand attention. As the nation takes bold steps towards digital transformation, the economic contribution of data is poised to play an increasingly pivotal role in shaping the future of Chinese industries and driving sustainable economic development.
With this, the CAICT conducted an extensive survey, delving into the development of data elements across the nation. The comprehensive study covered 19 national economic industry categories and 92 major industry segments, providing a nuanced perspective on the landscape of data utilisation.
Examining enterprise data storage capacity revealed interesting patterns. The average data storage capacity of enterprises in China’s secondary and tertiary industries is relatively high, underscoring the significance of data in these sectors. Conversely, the primary industry lags in terms of data storage capacity. This disparity suggests a potential area for improvement and optimisation in the utilisation of data within the primary industry.
A deeper dive into data output by industry shed light on the pivotal role played by the tertiary industry. Leveraging the Internet and various platforms, the tertiary industry exhibits a higher data output compared to other sectors. This emphasises the evolving nature of data utilisation, with the tertiary industry leading the way in harnessing the power of information.
However, the report highlighted a pressing concern – the overall data storage rate in the country needs enhancement. Factors such as high server costs, weak data processing capabilities, and low data utilisation efficiency contribute to a meagre 8.73% data storage rate among Chinese enterprises.
This indicates a critical area for investment and improvement, as unlocking the full potential of data storage could significantly boost economic development. Analysing data storage from an industry perspective unveiled intriguing trends. Industries characterised by good data standardisation, high data concentration, and simple data structures exhibit greater data storage.
Sectors such as scientific research and technical services, finance, electricity, heat, gas and water production and supply, and information transmission, software, and information services industry stand out in this regard. This emphasises the importance of streamlined data structures and standardised practices in enhancing data storage capabilities.
The report also delved into the tangible economic contribution of data to the nation’s development. As data-driven capabilities become more pronounced, particularly in the tertiary industry, the economic contribution of data is becoming increasingly evident.
The tertiary industry, with its diverse application scenarios, showcases the highest economic contribution of data. This underscores the transformative power of data in driving economic growth and innovation.
In addition, the manufacturing sector emerges as a key player with the highest potential value for data development and application. Manufacturing companies, with their intricate processes and diverse data sources, have a unique opportunity to leverage data for enhanced efficiency, innovation, and economic growth.
Likewise, the emphasis on data-driven capabilities, digital storage, and the economic contribution of data aligns with the broader global shift towards leveraging digital resources for comprehensive economic development.
