BEIJING: Since 2018, the economic gap between developed and developing nations has gradually narrowed. A new round of technological revolution is driving great changes in the economic system.
For instance, data has become an important factor in production, but what is the difference between data and capital and labor? Vice President of Tsinghua University National Institute of Finance Dr. Zhang Wei raised a thought-provoking question in his keynote address at the CIFTIS-Never-End Series China Australia Business Forum in Beijing.
Currently, both the world and China are in the midst of massive changes, in which the basic logic is brought about by technological changes like big data, Zhang said, adding that the skyrocket of e-commerce in China has resulted in depression in the real economy, such as shopping malls.
Beyond doubt, innovation will bring restructuring and disruption. In Zhang’s view, China’s development, both in 2024 and in the long term, is inseparable from 3 trends, namely marketization, globalization, and, most importantly, digitalization.
All major economies have formulated digital strategies by now, and the digital economy accounts for 40 to 50 percent of the GDP. For China, the digital economy accounts for a higher proportion. Digital transformation means more innovative models, bringing value multiplier effect, Jason Zhang, Partner of Deloitte China said.
China’s Digital Economy Growth
Jason Zhang said that since 2014, the scale of China’s digital economy has witnessed a mushrooming growth. Innovative digital technologies are emerging, and the integration of big data, blockchain, the Internet of Things, cloud computing, artificial intelligence (AI), etc., with various industries is increasingly deepening.
