China’s digital economy is expected to experience rapid growth over the coming years, with total digital economic output projected to reach 80 trillion yuan by 2030, according to the China Academy of Information and Communication Technology (CAICT), as reported by CGTN.
In a recently published report, CAICT noted that the annual average growth rate of the Information and Communication Technology (ICT) sector will reach 8 percent in the next three years. The integration of digital technologies with the real economy and improvements in total factor productivity are anticipated to accelerate this growth further.
Wang Zhiqin, Vice President of CAICT, highlighted that during China’s 15th Five-Year Plan period, digital technologies will play a significant role in driving economic growth. The average contribution of digital technologies to total factor productivity is expected to increase from 22.5 percent in the past four years to 23.2 percent.
China’s advancements in artificial intelligence (AI), blockchain, and the Internet of Things (IoT) are not only enhancing productivity across various industries but also fostering the development of innovative business models.
