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Moves to integrate China’s digital and real economies

Tan KW
Publish date: Mon, 27 Mar 2023, 09:58 AM
Tan KW
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BEIJING: Local governments in China will intensify efforts to promote the development of the digital economy and accelerate digital transformation and upgrade of industries, to implement the country’s plan for in-depth integration of the digital and real economies, according to experts.

The digital economy is expected to drive China’s economic growth in the coming years, fostering innovation-driven high-quality development.

Zhejiang province is speeding up steps to promote the in-depth integration of internet, big data and artificial intelligence with the real economy, boost the digital transformation of manufacturing, agriculture and services sectors, and foster new growth drivers, according to a document released by the National Development and Reform Commission, the country’s top economic regulator, on Thursday.

The document details the first batch of typical examples concerning the building of a demonstration zone for achieving common prosperity through high-quality development in Zhejiang.

It said the proportion of the province’s added value of the digital economy in its gross domestic product (GDP) and its overall digitalisation level, ranked first in the country in 2022.

Last year, the added value of the digital economy-related core industries in Zhejiang reached 897.7 billion yuan , accounting for 11.6% of its GDP.

Shanghai has mapped out its plan to promote digital transformation and build an international digital city with global influence. It will improve the output of its core industries in the digital economy to 18% of the city’s GDP in the coming five years from 15% last year.

The city will step up efforts in the construction of digital industrial clusters in the fields of integrated circuits and artificial intelligence, aiming to become a world-leading metropolis with digital infrastructure and a forerunner of the digital economy.

More efforts will be made to build “new infrastructure” such as a national-level big data exchange, a number of data centres and computing power platforms, and push forward the digital transformation of small and medium-sized enterprises, according to the municipal government of Shanghai.

National capital Beijing is taking measures to boost the application of digital technologies in various industries.

 - China Daily

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