The digital space all over the globe is emerging at a great pace, and thus, China has decided to invest $14.6 billion (100 billion yuan) for developing the digital economy in the next five years.
According to an agreement signed by China Development Bank and the National Development and Reform Commission, this investment will be done on projects like big data, internet of things (IoT), cloud computing, smart cities and the digital Silk Road.
The development of China’s digital economy has been stated as an important task for building a modern economic setup in the country. China has got a considerable progress in the cause over the past years by way of rolling out a raft of measures, including a national big data strategy.
A report released by the Cyberspace Administration of China said that the size of China’s digital economy grew to 27.2 trillion yuan last year, up 20.3 percent year-on-year and accounting for 32.9 percent of the country’s gross domestic product.