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China’s cabinet wants to drive the transformation of the digital economy

China’s official app for the digital yuan can be seen on a mobile phone placed in front of an image of the Chinese flag in this illustration image dated October 16, 2020. REUTERS / Florence Lo / Illustration

Jan. 12 (Reuters) – China’s cabinet on Wednesday released a plan for the country’s digital economy development that aims to increase that sector’s share of national GDP by promoting technologies like 6G and large data centers.

The State Council has set itself several goals for 2025, namely to increase the share of the digital economy in national GDP from 7.8% in 2020 to 10% in 2025.

Other goals included accelerating the construction of large data centers and increasing the number of users of gigabit broadband, the fastest connection speed available, from 6.4 million in 2020 to 60 million in 2025.

The State Council also pointed to structural issues in China’s digital economy that needed to be addressed.

“The development of China’s digital economy also faces some problems and challenges: Lack of innovation capacity in key areas … the data resources are huge, but the potential has not yet been fully exploited; the governance system of the digital economy needs further improvement,” according to Plan.

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Reporting by the Beijing newsroom; Arrangement by Toby Chopra

Our Standards: The Thomson Reuters Trust Principles.

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