Digital Economy Boosts World Growth

Industry experts and senior company officials said on Friday that China’s digital economy expected to provide a strong impetus for the global economic. But recovery efforts should made to bridge the digital divide and promote data flows.

“China’s digital economy is indeed on the fast track and has become a new growth driver for the country’s economic growth during the COVID-19 pandemic. It has and will play an important role in promoting global economic recovery.” said Gong Ke, World Engineering Organization Chairman of the Federation, Executive Director of China Academy of New Generation Artificial Intelligence Development Strategy.

“Although data is an important factor in the digital economy. We should strive to bridge the digital divide and benefit more user groups. Specifically, we need to strengthen infrastructure construction. Furthermore, the sharing of computing power from leading companies to small companies.” Gong said.

He delivered the above speech at the sub-forum of the Fourth Hongqiao International Economic Forum during the China International Import Expo in Shanghai.

Liu Jun, President of the Bank of Communications. Said that a winner-takes-all phenomenon has emerged in the development of the platform economy. Because the country’s economy has developed at an unprecedented speed in the past decade, and supervision has not been in place.

“Therefore, we must break the existing information barriers and promote the free flow of data. If a company uses it exclusively, the value of data cannot be maximized. Data from various departments, fields, and industries must be fully integrated and linked,” Liu said .

According to the government think tank China Academy of Information and Communications Technology. The scale of China’s digital economy market reached US$5.4 trillion last year, a year-on-year increase of 9.6%, the fastest in the world.

The rapid development of the digital economy has attracted the participation of foreign companies. They are also expected to explore more new opportunities in the Chinese market.

To meet this trend, Omron Medical said it will use. Its technological strength to develop more digital innovations for the Chinese market.

The Japanese industrial automation giant showcased a series of digital products at this exhibition. Including smart medical management terminals and blood glucose meters.

“The rapid growth of China’s trade, including digital trade, has had a strong spillover effect on the world. Which will keep China’s economy going for a long time and contribute to global economic growth,” said Zhao Yao. General Manager of Omron Medical China.

The CAICT report also pointed out that China and the United States are leading the development of the global digital economy. These two economies also ranked first and second in terms of the scale of the digital economy market last year.

Margulis, vice president of China Business of the US-China Business Council. Said at a sub-forum on Friday that US companies are embracing new opportunities brought about by the country’s rapid growth in the digital economy.

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