According to analysts, local governments in China will increase their efforts to encourage the growth of the digital economy and expedite the digital transformation and upgrade of sectors in order to achieve the country’s strategy for the merging of digital and real economies.

In the following years, the digital economy is anticipated to fuel China’s economic growth, supporting innovation-driven high-quality development.

Efforts to link China’s digital and real economies

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

The document describes the first group of representative examples for the construction of a demonstration zone in Zhejiang to achieve shared prosperity via high-quality development.

The share of the digital economy’s contributed value to the province’s gross domestic product (GDP) and its total digitalisation level placed first in the country in 2022, according to the report.

The added value of Zhejiang’s digital economy-related core businesses reached 897.7 billion yuan (RM580 billion) in 2016, accounting for 11.6% of the province’s GDP.

Integration efforts in China’s real and digital industries

Shanghai has devised a plan to foster digital transformation and become a global digital metropolis with international significance. In the next five years, its key industries in the digital economy will contribute 18% of the city’s gross domestic product, up from 15% last year.

The city will intensify its efforts in the development of digital industrial clusters in the disciplines of integrated circuits and artificial intelligence in an endeavor to become a global leader in digital infrastructure and a pioneer in the digital economy.

According to the Shanghai municipal administration, more efforts will be made to construct “new infrastructure” such as a national-level big data exchange, a number of data centres, and computing power platforms, and to accelerate the digital transformation of small and medium-sized businesses.

Beijing is taking steps to increase the application of digital technology in a variety of industries.

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