China Takes the Lead in Global Digital Economy Growth
China Takes the Lead in Global Digital Economy Growth

China Takes the Lead in Global Digital Economy Growth

Over the past seven years, China has experienced remarkable growth in its digital economy, contributing to the acceleration of the global digital economy.

A recent research report unveiled at the Global Digital Economy Conference 2023 in Beijing highlights that from 2016 to 2022, China’s digital economy expanded by $4.1 trillion, exhibiting a compound annual growth rate of 14.2 percent.

In 2022, China’s digital economy reached a scale of ¥50.2 trillion ($6.96 trillion). Its share in the country’s GDP rose to 41.5 percent, solidifying its role as a crucial driver for stable growth and transformation.

Around the world, nations are actively fostering the development of key digital economy sectors, seizing opportunities in digital technologies, industrial digitalization, and data-driven industries.

As of March 2023, 256 network operators across 95 countries and regions had commercialized 5G technology. Globally, there were 1.15 billion 5G users, with a 30.6 percent population coverage rate, representing a 5.5 percent increase year-on-year.

The global artificial intelligence market generated $450 billion in revenue in 2022, marking a 17.3 percent year-on-year growth. The report indicates that there are 1,032 unicorn enterprises in the digital economy worldwide, accounting for 74.14 percent of all unicorn enterprises. These companies possess an estimated value of ¥24.95 trillion.

Mei Hong, an academician with the Chinese Academy of Sciences, notes that China’s digital transformation has expanded beyond the realm of consumption and services and is now penetrating the manufacturing sector in the real economy.

Data reveals that in 2022, the operating income of China’s electronic information manufacturing industry reached ¥15.4 trillion, while the software industry generated ¥10.8 trillion and the big data industry contributed ¥1.57 trillion. These figures establish a robust industrial and technological foundation for the integrated development of informatization and industrialization.

Ahmed Abdel Hafez, chairman of the executive bureau of the Egyptian supreme cybersecurity council, acknowledges China’s achievements in digital economy development, which have garnered global attention. China’s openness has created opportunities for other countries, enabling them to share in the developmental dividends of its expansive market.

During the conference’s opening ceremony, Beijing and 18 partner cities, including Abu Dhabi, London, Macao, San Francisco, Vienna, Vientiane, and Zaragoza, introduced the global digital economy partnership city cooperation initiative. The initiative aims to accelerate the digital transformation of cities, promote green development through digital empowerment, and foster global digital inclusive cooperation. Its objective is to establish an open innovation network for the digital economy among global cities and within multilateral frameworks.

In 2021, Beijing set the goal of becoming a global benchmark city for the digital economy. Data from the Beijing Municipal Bureau of Economy and Information Technology indicates that the added value of Beijing’s digital economy increased from ¥871.94 billion in 2015 to ¥1.7 trillion in 2022, with its share of GDP rising from 35.2 percent to 41.6 percent.

Under the theme “Data Drives Development, Intelligence Leads the Future,” the Global Digital Economy Conference 2023 will conclude on Friday.


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