China’s digital economy is expected to continue to see burgeoning growth in the 2020’s.
A report from Frost & Sullivan indicates that China’s third party digital lifestyle and services market expanded from 230.6 billion yuan to 406.5 billion yuan during the period from 2014 to 2019.
Over the next five years the report sees this market continuing to enjoy a compound annual growth rate of around 9%.
China’s third party virtual goods and services sector remains comparatively concentrated, with the 10 leading companies accounting for 48.1% of all transactions in 2019.
The “New Infrastructure Blue Paper” (新基建蓝皮书) recently released by the China Academy of Information and Communications Technology (CAICT) says that a “new round of tech revolutions and industrial revolutions will sweep the globe,” and that the digital economy will “reshape social productivity, reshape the supply of factors of production, and provide a major foundation and core driver for the economic and social growth of the world.”