February 25, 2024

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China Unveils Economic Impact of Data Elements

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.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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