Digital economy booms, drives growth
Print Edition
CHINA’S booming digital economy had been serving as a major engine for economic growth.
China’s digital economy surged 18.9 percent in 2016 to 22.6 trillion yuan (US$3.35 trillion), according to a white paper issued by China Academy of Information and Communications Technology which is under the Ministry of Industry and Information Technology.
The expansion was much faster than that of China’s overall economy, which grew 6.7 percent in 2016.
The digital economy accounted for 30.3 percent of China’s gross domestic product over the year, said the white paper. Taking its spillover effect into account, digital economy contributed 69.9 percent to the GDP in 2016, it added.
Digital economy, also known as the Internet economy, is based on digital computing technologies, comprising new business models such as e-commerce, cloud computing and payment services.
Technology is functioning as a driver of revenue and enabler of new business models for many Chinese firms, including e-commerce giants Alibaba and JD.com.
China’s digital economy grew significantly higher than the overall economy, becoming a major engine of growth, said the paper.
CAICT expects China’s digital economy to be valued at 32 trillion yuan and account for 35 percent of the GDP by 2020, before taking up over half of the country’s GDP by 2030, according to the white paper.
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