China’s Economic Future: The Role of the Digital Economy

On Thursday, Zhang Dingfeng, who serves as the executive vice mayor of the Fuzhou Municipal People’s Government, spoke positively about the progress made during the 6th Digital China Summit that took place from April 27 to 28 in Fujian Province’s Fuzhou City in southeast China.

Zhang praised the project signings and economic and trade collaborations that occurred at the summit, stating that these developments will enhance and enlarge the digital economy while also fortifying the new source of high-quality growth.

At the summit, 52 significant projects related to the digital economy were agreed upon and contracts were signed, with a combined investment of approximately 58.1 billion yuan (equivalent to $8.4 trillion). The investment per project increased by 30% as compared to the previous year, and the projects encompassed various fields such as software technology services, electronics manufacturing industry, new infrastructure, and other similar domains.

The summit comprised a main forum and 20 sub-forums, with scholars and leading industry insiders discussing topics focusing on data resources, digital governance, smart energy, and artificial intelligence. Over 12,000 people signed up for the sub-forums, and nearly 50 achievements were made, including the releasing of more than 20 reports, publishing five cases of improving people’s digital literacy and skills, and setting up a smart energy cooperation platform.

As per the press conference, more than 30 embassies and consulates in China, international organizations, scientific research institutions, and over 100 multinational companies participated in the summit. The summit also included a five-day exhibition showcasing China’s recent accomplishments in digitalization, including digital infrastructure, digital economy, digital society, and digital technology innovation. The exhibition attracted over 330,000 visitors offline and a record high of 10 million online.

China released a scheme in February that outlines the comprehensive blueprint for the nation’s digital advancement. The country aims to make substantial advancements in building a digital China by 2025, which includes effective interconnectivity in digital infrastructure, a notably improved digital economy, and significant strides in digital technology innovation. By 2035, China intends to lead the world in digital development by having its digital growth synchronized and adequate across various fields such as economic, political, cultural, social, and ecological domains.

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