BEIJING, Nov. 14, 2022 /PRNewswire/ — Three years into the COVID pandemic, the world economy, whereas going through mounting uncertainties and challenges, has undergone profound modifications, with the digital evolution accelerated and the digital economy rising as a new engine for financial restoration and growth.
The digital economy refers to a broad vary of financial actions that embrace utilizing digitized data and data as the important thing issue of manufacturing, fashionable data networks as an essential exercise area, and the efficient use of data and communication expertise (ICT) as an essential driver of productiveness growth and financial structural optimization, based on the G20 Digital Economy Development and Cooperation Initiative agreed at 2016 G20 Hangzhou summit.
In 2021, the added worth of the digital economy of 47 main nations all over the world reached $38.1 trillion, up 15.6 p.c from a yr earlier, accounting for 45 p.c of their mixed GDP, based on a white paper launched by the China Academy of Information and Communications Technology (CAICT) in July 2022.
Among them, the G20 members, which signify greater than 85 p.c of the worldwide GDP, 75 p.c of the worldwide commerce and 60 p.c of the world’s inhabitants, lead the world within the improvement of digital economy.
The U.S., with a digital economy price $15.3 trillion, ranked first on this planet. China got here second with its digital economy reaching $7.1 trillion. The European Union took the third place with a worth of $6.3 trillion.
In phrases of the digital economy’s share in GDP, Germany, Britain and the U.S. ranked among the many prime three, all exceeding 65 p.c.
G20 consensus on digital economy
At the 2016 G20 Summit held in Hangzhou, China, because the rotating presidency, included digital economy as an essential subject within the summit for the primary time. The nation additionally led the formulation and launch of the G20 Digital Economy Development and Cooperation Initiative, which was the primary digital economy coverage doc endorsed by the G20 leaders.
The doc proposed seven guiding rules for the event of digital economy, specifically innovation, partnership, synergy, flexibility, inclusion, open and enabling business setting, move of data for financial growth, belief and safety.
It additionally recognized six key areas for cooperation in digital economy, together with increasing broadband entry and bettering high quality; selling funding within the ICT sector; supporting entrepreneurship and selling digital transformation; encouraging e-commerce cooperation; enhancing digital inclusion and selling improvement of small and medium-sized enterprises.
China’s booming digital economy
China’s digital economy reached $7.1 trillion in 2021, accounting for 39.8 p.c of the nation’s GDP, based on a white paper launched by the CAICT.
From 2012 to 2021, the common growth fee of China’s digital economy was 15.9 p.c, and the digital economy’s share in its GDP elevated from 21.6 p.c to 39.8 p.c, the white paper confirmed.
The digital economy’s position as a stabilizer and an accelerator of China’s general economy has grow to be extra distinguished, mentioned the white paper.
As of June 2022, China had 1.05 billion web customers, forming the world’s largest and most dynamic digital society.
The nation has additionally constructed the world’s largest 5G networks, with 1.97 million 5G base stations by the top of July.
While China’s digital economy is booming and changing into an more and more essential growth engine for its financial improvement, the nation can also be providing extra alternatives for worldwide corporations to develop within the Chinese market and witnessing energetic cooperation with G20 members within the subject.
In June, German firm Siemens arrange its first Smart Infrastructure Digitalization Enablement Center in China, exploring collaboration with home companies in sensible infrastructure.
U.S. tech big IBM, with its cloud-based companies, has been actively cooperating with Chinese corporations of their digital transformation.
China can also be working with Brazil in defending the Amazon rainforest ecosystem with digital applied sciences.
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