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China’s Digital Roadmap for Economic Recovery

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.

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.

PARTNER

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.

PARTNER

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.

PARTNER

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. 

PARTNER

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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