China is the largest economy of the world and now, the digital economy of the country is also expected to become the world’s largest amid rapid development as stated by the Hong Kong E-Commerce Association Chairman Joseph Yuen at the second Beijing CED Internet Summit.
The overall revenue of China’s e-commerce, online travel, and digital media consumption in 2018 is estimated to reach $765 billion. Also, the number of people digitally connected globally will reach 4 billion by 2020. The number of connected devices will reach 25 billion, which means an average of one person has about six devices connected to the internet.
China needs to open its market, transfer more scientific and technological achievements, and also cultivate talent in order to accelerate the growth of the digital economy. Yang Beibei, the deputy head of the government in Beijing’s Daxing district stated that developing the digital economy has become a global consensus with the booming growth of e-commerce, artificial intelligence, industrial internet, and blockchain.
China is continuously improving the ecological system of the digital economy and making it a driving force for high-quality economic development.