China’s digital economy maintained its growth rate at 9.7 percent to USD6.16 trillion in 2020
Mainland China has been exploring all aspects of digitalisation, especially when it has been beneficial to the country’s economy, as reported by OpenGov Asia. As a result, the State Council announced a plan to further stimulate the digital economy during the 14th Five-Year Plan (2021-25) period.
In recent years, digital economic activities have risen at an exponential rate, eventually becoming one of the primary drivers of the national economy.
China’s digital economy maintained its growth rate at 9.7 percent to CNY39.2 trillion (USD6.16 trillion) in 2020, accounting for approximately 38.6 percent of the country’s GDP. The goal is to improve the proportion of core digital economy industries’ added value in GDP to 10 percent by 2025, which is a significant increase from 7.8 percent in 2020.
By 2025, the digital transformation of the nation’s sectors is expected to consist of more inclusive digital public services and an improved digital economy governance structure.
Xi Jinping stressed the importance of digital economy as a strategy for gaining fresh opportunities, as it fosters a new development paradigm, a modern economic system, and new national competitive advantages.
Over 90 percent of daily transactions in China are conducted via smartphones, making China one of the top adopters of QR codes. The country is also using digital coupons to help it achieve sustainability under the global Net-Zero by 2025 initiative.
China has been seeking cooperation with the international community in an effort to promote digital trade and governance, according to Xinhua.
The country submitted an application for the Digital Economy Partnership Agreement (DEPA) last November. DEPA, signed by Chile, New Zealand, and Singapore, regulates digital trade by managing data flows, data protection, and artificial intelligence, all of which are integral to the digital economy.
Since the bilateral free trade agreement (FTA) took effect in 2008, China has become New Zealand’s largest e-commerce market. Damien O’Connor, Minister for Trade and Export Growth, believes that the recently improved bilateral FTA will make digital trade between the two countries even easier.
The Property Report editors wrote this article. For more information, email: [email protected].
A formidable force: Plus Architecture showcases knack in smart, usable design
The firm has established itself throughout Australasia by deploying its design philosophy
Why Vietnam remains upwardly mobile, despite pandemic
Vietnam has been propelled into the big league of Asian nations: a fact reflected in its hyper-driven real estate market
The rise of Lombok’s first Gran Meliá resort
Gran Meliá Lombok makes the most of its paradisiacal site in the island’s coastal hills
Setting the pace with Economist William Thomas
Marathon runner and director of The Economist Corporate Network in Southeast Asia William Thomas is thinking strategically about the future of the region’s cities