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The digital economic system is acquiring at an unparalleled pace, having a large vary of impacts. It is turning out to be a essential force in reshaping the international financial framework and altering the world-wide competitive landscape. It has also become an critical engine and a new progress point driving China”s financial state.
The modern annual conference of the Boao Forum for Asia, held in Hainan province, and the Global Finance Discussion board in Beijing discovered the value of promoting the sustainable and healthy enhancement of the digital financial state and drew a picture of the foreseeable future of China’s electronic financial state that is moving into a new stage of improvement.
The COVID-19 pandemic is changing the world financial purchase. According to the Globe Financial institution, 93 percent of the world’s economies expert a major economic downturn in 2020. Nonetheless, towards this backdrop, the electronic economy is demonstrating strong resilience. In current many years, China has develop into a world-wide chief in the advancement of the electronic economy at scale. In 2020, China’s electronic economy was really worth 39.2 trillion yuan ($5.9 trillion), the 2nd largest in the globe. As opposed with 2005, the dimensions of China’s digital overall economy has doubled 15 moments in 15 several years, an extraordinary expansion level.
China’s electronic industry is escalating at a quick rate. In the earlier several several years, China’s world-wide innovation index ranking has improved substantially, and the revenue of the program and information and facts engineering company industry has grown from 4.28 trillion yuan in 2015 to 8.16 trillion yuan in 2020, with an normal once-a-year expansion level of 13.8 percent－much increased than the typical yearly GDP growth charge.
In phrases of electronic infrastructure, China has designed the world’s largest fiber optic community, driven by the Broadband China method and other significant procedures. By the 1st quarter of 2022, China had opened about 1.6 million 5G base stations, accounting for far more than 60 p.c of the world’s complete, and the quantity of 5G terminal users achieved 403 million.
In conditions of the electronic consumer industry, China’s big online user base has proven a sector advantage. In December, the quantity of world wide web buyers in China attained about 1.03 billion, and China was the world’s most significant digital retailing market place for the ninth consecutive 12 months.
China’s electronic overall economy is characterised by possessing infrastructure as the main, personal computer technologies as the base and deep integration with different industries. China has been vigorously building its electronic economy infrastructure, and in 2018 proposed the thought of “new infrastructure “to make certain the sustainable development of the digital economic system.
In February, the nation’s “east knowledge, west computing” challenge was launched. This is a national-stage industrial prepare for information centers, with nationwide guidance driving the rational allocation of means across locations. In addition, the electronic overall economy handles most socioeconomic industries, which include agriculture, business, and the support sector, as properly as federal government, reflecting the comprehensive integration of the digital financial system into the socioeconomic fabric of the state.
China’s electronic overall economy employs laptop information technological know-how to develop important knowledge with the support of information and facts technological know-how these types of as databases, information and facts program and algorithms, and takes advantage of information as a creation element that is embedded extra and additional deeply into the output distribution procedure of several industries and fields.
For a extended time, databases have been monopolized by abroad giants, and the technological barriers are deep, but domestic enterprises are steadily rising their current market share following several years of know-how progress and accumulation of working experience. For instance, the Huawei GaussDB database, whose performance has arrived at the major level, and its FusionInsight big facts platform are used in far more than 60 nations and regions, serving a lot more than 3,000 government and organization buyers, with much more than 800 enterprise companions. They are broadly used by governments, as nicely as the manufacturing, transportation and other sectors.
China has a big electronic economic climate, but there is much work to do. For instance, the digital economy’s share of GDP is a lot lower than that of various produced countries, these kinds of as Germany, the United States and the United Kingdom.
In 2020, China’s digital economic climate accounted for only 38.6 % of its GDP, while Germany’s electronic economic system accounted for 66.7 % of its GDP, adopted by the US at 66 p.c. The explanation for this is that China is primarily building these industries at the application stage and relying on scale, instead than technological know-how, as its principal advancement force. China still needs to learn essential technologies to make its electronic financial state sustainable. At present, China is even now constrained by the US and other produced international locations in the most important systems, these as semiconductors and working systems, and this constraint is much more obvious in the Sino-US engineering level of competition.
China’s overall economy is now at a essential phase of transformation of its improvement manner and dynamics. The fourth industrial revolution, driven by artificial intelligence, blockchain, cloud computing, significant info, the world-wide-web of factors and other underlying electronic systems, with the flourishing of digital economy as the most important information, presents an significant chance for China’s financial system to stage up.
The great importance and strategic benefit of the electronic overall economy has come to be far more outstanding amid the COVID-19 pandemic, and the opposition involving China, the US and Europe in the digital economy is rigorous. China requirements to adhere to impartial and open up innovation and conquer main technologies to continue to be competitive.
Lastly, China needs to create much more proactive industrial and innovation procedures that guidance expertise-intense actions and enhance the regulatory process with information components as the core, so that the sector can establish in a additional standardized and healthier way.
The writer is previous minister of tourism of Brazil and a professor of general public plan at the Faculty of General public Plan and Management at Tsinghua College.
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