February 24, 2024

We are creating some awesome events for you. Kindly bear with us.

Local Governments to Boost China’s Digital Economy

Multiple local governments in China announced measures to increase digital economy growth in 2023. Some cities, like Shanghai, and provinces, such as Zhejiang, Fujian, and Hebei, have set goals for economic progress for this year.

They emphasised the importance of the digital nation’s growth. They advocated for attempts to create blueprints for future sectors such as the metaverse, an immersive virtual environment enabled by virtual reality and augmented reality.

Zhang Yunming, The Vice-Minister of Industry and Information Technology, urged telecommunications companies to increase infrastructure construction and deployment. He pushed national telecom companies to deepen efforts in promoting an innovation-driven development strategy and accelerate the integration of digital and real economies.

As a result of the statement, connected business stocks surge. On Thursday, shares of nearly ten firms, including China National Software and Service Co, rose by the daily limit of 10%, demonstrating investors’ optimism about the rise of the digital economy in 2023.

Previously, consumer-oriented internet applications such as e-commerce drove China’s digital economy, but today business-oriented applications such as industrial internet play a far more prominent role. This demonstrates that the digital economic model has improved.

According to the China Academy of Information and Communications Technology, a government think tank, China’s digital economy is predicted to exceed 60 trillion yuan (US$8.84 trillion) by 2025.

China has laid the groundwork for the digital economy’s next era. According to data from the Ministry of Industry and Information Technology, more than 2.3 million 5G base stations will have been completed in China by the end of 2022, and the country will be able to link over 500 million residences to a gigabit optical network.

Furthermore, according to the ministry, digital connectivity for the mobile internet of things in China reached 1.84 billion in 2022, making China the first leading economy in the world to have more mobile IoT connections than mobile subscribers. The internet of things is a network of devices, cars, and other items equipped with software or sensors that facilitate interaction and share data. According to Zhao Zhiguo, the ministry’s spokeswoman, China’s mobile IoT connections account for 70% of the global total and cover the 45 major sectors of the national economy.

According to Wang Zhiqin, vice president of the China Academy of Information and Communications Technology, China has established a competent telecom infrastructure that will serve as a solid basis for China’s digital economy’s high-quality development. According to a forecast released by China’s Cyberspace Administration, the digital economy in China will be worth 45.5 trillion yuan in 2021, making it the world’s second-largest after the United States.

Liu, Vice Premier He said in a speech at the World Economic Forum’s annual conference in Davos, Switzerland, on Tuesday that China “must always make constructing a socialist market economy the direction of our transformation.

“We must allow the market to play a decisive role in resource allocation while also allowing the government to play a more active role. Some believe China will pursue a planned economy. That is not conceivable,” Liu remarked.

The remarks were consistent with the tone-setting Central Economic Work Conference, which concluded in December and underlined the importance of working “unwaveringly” to consolidate and strengthen the public sector and encourage, support, and guide private-sector development.

Tencent Holdings vice president Xu Yan believed that the government had increased its efforts recently to establish a world-class business environment for private enterprises. Tencent is stepping up its efforts to accelerate the merger of the physical and digital economies through innovation. The corporation has invested 150 billion yuan in R&D over the last three years.

Furthermore, the Chinese digital yuan has gained popularity. According to estimates from the country’s central bank, the quantity of digital yuan in circulation will reach 13.61 billion yuan (US$2.01 billion) by the end of 2022.

Digital yuan, like the physical renminbi, is a component of Chinese money as a legal tender in digital form. According to Xuan Changneng, vice governor of the bank, it is vital to integrate data and analysis while also undertaking general management of the two types of money.

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.

Send this to a friend