A report from a leading Chinese think tank sees the country’s digital economy posting rapid growth over the next several years, as regional governments launch a range of policies to spur its development locally.
The report from the China Academy of Information and Communications Technology (CAICT) estimates that by 2025 the scale of China’s digital economy will exceed 60 trillion yuan, and that by 2032 it will exceed 100 trillion yuan, for a growth rate of over 50 trillion yuan in just a ten year period.
Regional policies will be a key role in driving the growth of China’s digital economy, with leading provinces and cities all launching launching related campaigns.
Zhejiang province has launched a campaign to increase the added value of its core digital economy industries during the period from 2023 to 2027, while Shanghai wants core digital economy industries to account for an 18% share of municipal GDP by 2028.
Beijing wants the added value of the digital economy to account for around a 42% share of regional GDP. In order to achieve this goal, it has launched a campaign to promote the deep integration of the digital economy and the real economy and form a digital industry cluster. Beijing has also conducted a series of “smart diagnoses and evaluations” of 200 enterprises above designated size, and established 20 new digital workshops and smart factories.
Other provinces in China that have recently launched ambitious new digital economy growth policies including Guangdong in the south and Jiangsu on the eastern coast.
