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Developing China’s Digital Economy by Pushing the Frontier of Digital Technology

China Association for Science and Technology (CAST) has provided continuous support to release the potential of digital innovation and foster new drivers of growth. CAST urged to enhance digital literacy of the general public to achieve inclusive development goals beneficial to all. CAST called on efforts to deepen international cooperation and build a global network on digital governance.

The nation is already a leader in the 4th generation of the industrial revolution. Digital transformation is of great importance for the survival and development of small and medium-sized enterprises (SMEs), and special assistance will be provided for SMEs to enhance their intelligent manufacturing capacity. Experts from China and abroad discuss the endless frontier of digital technology and inclusive development as a solution to the digital divide.

Chu Junhao, academician of the Chinese Academy of Sciences (CAS) and president of the Institute of Optoelectronics of Fudan University, analysed the issues relating to the development pattern of digital technologies and smart cities and demonstrated the inevitable phases of the construction of smart cities from technical and policy-making perspectives. “In the intelligent age, we should improve digital technologies through open cooperation and sci-tech innovation to promote the development of the digital economy.” 

The digital economy has changed peoples’ lives since the 1980s and China has responded very quickly and rolled out business models of the digital economy in manufacturing and service industries. The digital economy has changed peoples’ lives since the 1980s and China has responded very quickly and rolled out business models of the digital economy in manufacturing and service industries.

China needs to be built into a highland for global digital technologies and a thriving digital economy. Only by filling the digital divide can people eliminate information asymmetry and obtain the best results. China must Take sci-tech measures to promote high-quality development of financial industries.

The experts had discussions and exchanged views on topics including how to innovate and integrate digital technologies in the post-pandemic era, how international trade promotes digital overflow, how digital governance empowers smart cities, and how to develop an inclusive and beneficial-to-all digital economy pattern.

Digital economy is a double-edged sword. On the one hand, it has changed peoples’ way of life profoundly. It is integrating and impacting industries such as finance, semiconductor and international trade, and is promoting the transformation and upgrading of more and more industrial sectors. On the other hand, the digital divide is also widening. Therefore, efforts must be made on bridging the divide, especially helping the developing countries’ capability of using digital technology, to reshape economic sustainability, and benefit peoples’ well-being worldwide.

As reported by OpenGov Asia, Chinese President Xi Jinping pledged to support the development of key technologies while strengthening the regulation of the country’s tech giants as part of his strategy to expand the digital economy.

The country needs to boost innovation in core technologies and step up research capabilities to achieve self-sufficiency as soon as possible. China also called for an acceleration in the development of high-speed, secure smart infrastructure that can connect all aspects of the online economy as well as for breakthroughs in key software technologies.

In recent years, the internet, big data, cloud computing, Artificial Intelligence, blockchain and other technologies have accelerated their innovation and are increasingly integrated into the entire economy and society. China needs to make its digital economy stronger and better to align the once-in-a-century transformation with the national priority of rejuvenating the country.

China has identified the digital economy as a key driver for growth over the next few decades and made achieving tech self-sufficiency a top national priority. To support that growth, Beijing has doubled down on funding for strategically important industries such as semiconductors and AI, while rolling out new legislation covering everything from data security to fair competition as part of efforts to bring the country’s once free-wheeling internet giants in line with the national agenda.

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