A new report highlights the increasing importance of digital sectors in the Chinese economy.
In 2020 China’s digital economy reached 39.2 trillion yuan (approx. USD$6.06 trillion) in scale to account for 38.6% of national GDP, according to figures from the “China Internet Development Report 2021” (中国互联网发展报告2021) released at the World Internet Conference on 26 September.
According to the Report China’s digital economy saw growth of 9.7% for 2020, emerging as a “key driver for stabilisation of economic growth.”
In 2020 China’s e-commerce transactions hit 37.21 trillion yuan, for YoY growth of 4.5%, while operating revenue from e-commerce services hit 5.45 trillion yuan, for YoY growth of 21.95.
“Flourishing growth of the digital economy has driven rapid growth in new market entities, creating a huge volume of employment, and becoming a key channel for maintaining employment, maintaining livelihoods and maintaining market entities,” said the Report.
Drafting of the Report was led by the China Internet Space Research Institute (中国网络空间研究院).