China Prioritizes Digital Economy
Beijing aims to boost the digital economy's share of GDP from 10.5% in 2025 to 12.5% by 2030, formally recognizing data as a "key production factor" [https://www.youtube.com/watch?v=K5mQNEYIV1I].
This move aligns with China's broader strategy to become a global leader in digital technologies and innovation. The government views the digital economy as a key driver for economic growth and modernization. China's digital economy reached approximately 56.1 trillion RMB in 2023, constituting about 44% of the country's total GDP. This makes it the second largest digital economy in the world. To support this growth, China has invested heavily in digital infrastructure, including building the world's largest fiber-optic and mobile broadband networks. They also have the world's second-largest computing power. The government is also focused on promoting the digital transformation of industries and has issued policies to support small and medium-sized enterprises in this area. This includes promoting digital literacy and skills. This initiative also includes focus on AI, IoT, Cloud Computing and blockchain. The government work report of 2024 stressed innovation and urged for combining R&D with application in digital industries like AI and big data.
