In line with the growing growth of the global digital economy, China has seen significant growth in the size of its digital economy over the past seven years, according to the state news agency (Xinhua).
According to a study on Wednesday at the main forum of the current Global Digital Economy Conference 2023 in Beijing, which ended on Friday, it stated that China’s digital economy increased by $4.1 trillion between 2016 and 2022. This translates to a 14.2 per cent compound annual growth rate.
In 2022, the size of China’s digital economy reached 50.2 trillion yuan or approximately $6.96 trillion. The digital economy accounts for 41.5% of the nation’s GDP, making it a vital force behind transformation and steady growth.
Currently, nations worldwide are aggressively pursuing development prospects in digital technologies and industries, industrial digitalization, and data elements while also driving the development of crucial digital economy sectors.
For instance, 256 network operators in 95 countries and regions would have commercialized 5G technology by March 2023, with 1.15 billion 5G users worldwide and a coverage rate of 30.6 per cent of the population, a rise of 5.5 per cent annually.
The worldwide artificial intelligence market generated US$450 billion in revenue in 2022, an increase of 17.3% annually. According to the report, 1,032 unicorn businesses were operating in the global digital economy, or 74.14% of all unicorn businesses, with an estimated value of 24.95 trillion yuan.
According to Mei Hong, an academic at the Chinese Academy of Sciences, China’s digital revolution is moving from the area of consumption and services to the industrial sector in the real economy.
According to data, China’s electronic information manufacturing sector had an operating income of 15.4 trillion yuan in 2022, while the software sector made 10.8 trillion yuan and the significant data sector made 1.57 trillion yuan, laying a solid industrial and technological foundation for the integrated development of industrialization and information technology.
According to Ahmed Abdel Hafez, head of the Egyptian Supreme Cybersecurity Council executive bureau, China’s accomplishments in the growth of the digital economy have garnered attention on a global scale. As a result of China’s opening up, other nations now have the opportunity to benefit from the large market that China has to offer in terms of development.
At Tuesday’s conference’s opening ceremony, Beijing and its 18 partner cities announced the global digital economy partnership city cooperation program.
The project includes:
- Fostering international digital inclusive collaboration.
- Driving urban digital transformation.
- Green development through digital empowerment.
It intends to create a worldwide open innovation network for the digital economy under multilateral frameworks.
Beijing announced in 2021 that it wanted to accelerate the creation of a metropolis that would serve as a benchmark for the global digital economy. The added value of Beijing’s digital economy surged from 871.94 billion yuan in 2015 to 1.7 trillion yuan in 2022, and its proportion of GDP jumped from 35.2 per cent to 41.6 per cent, according to data from the Beijing Municipal Bureau of Economy and Information Technology.