China to help digital economy thrive by implementing a series of targeted policies to create an environment feasible for boosting digital economy.
China will implement a series of targeted policies to create a more conducive environment for developing the digital economy, the State Council announced on Friday.
Key priorities include enhancing data infrastructure, refining institutional systems, and encouraging market-oriented data resource allocation.
Given the significant influence of the digital economy, the State Council executive meeting, led by Premier Li Qiang, emphasized the need to fully integrate these technologies with the real economy to support broader economic and social progress.
China’s data output reached 32.85 zettabytes in 2023, marking a 22% year-on-year increase, with core digital economy industries contributing 10% to GDP, according to the National Data Administration.
At the Global Digital Economy Conference 2024, Liu Liehong, head of the administration, highlighted plans to prioritize institutional reforms this year to maximize the potential of China’s extensive data resources and turn them into a competitive edge.
The administration will introduce eight key documents focusing on areas like data property rights, data circulation, revenue distribution, security governance, and both public and enterprise data utilization, aiming for high-quality digital economy development and robust data infrastructure.
China’s digital industry growth is driven by solid digital infrastructure, with the Ministry of Industry and Information Technology reporting 3.837 million 5G base stations by the end of May, representing 60% of the global total.
The meeting also revealed plans to boost the innovation capabilities of platform companies and support the healthy, sustainable growth of the platform economy.
The platform economy has become crucial for linking the digital and real economies and promoting real economy development, according to a report by the China Academy of Information and Communications Technology.
The market value of China’s platform economy grew from 4.97 trillion yuan ($683.90 billion) in 2015 to 33.43 trillion yuan in 2022, with an annual growth rate of 32.92%. By the end of 2022, the number of Chinese platform unicorns, companies valued over $1 billion, had increased to 254, up by 190 from 2015.
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