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数字经济新动能(shùzì jīngjì xīndòngnéng): Digital economy is new growth driver

China Daily | Updated: 2019-05-09 07:30

The scale of the digital economy reached 31.3 trillion yuan ($4.62 trillion) in China last year, accounting for 34.8 percent of the country's gross domestic product, according to data released by the China Academy of Information and Communications Technology at the 2nd Digital China Summit in Fuzhou, Fujian province, on Monday.

This shows that the digital economy has become a new growth driver for the Chinese economy.

The new technology revolution, featuring the internet, big data and artificial intelligence, provides China with a rare opportunity to end its reliance on investment and exports and make innovation and consumption as its new growth drivers.

China should take advantage of the new technologies to promote the integration of the digital economy with the real economy, expedite the transformation from the old to new growth drivers, and incubate new industries.

There is already a solid foundation for the fast development of China's digital economy. Statistics show China's digital economy has increased by about 20 percent on average each year since 2015. The urbanization of China over the coming years, during which about 300 million farmers will become urban residents, will further bolster the growth of China's digital economy.

To maintain the growth of digital economy is a systemic undertaking as it involves multiple factors in industry, society, finance and governance. To seize the initiative, China must focus on the research and development of cutting-edge technology and show more foresight in nurturing emerging industries.

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