China’s Digital Economy Accounted For Nearly One-Third of GDP Last Year, Says Tencent Research

China’s Digital Economy Accounted For Nearly One-Third of GDP Last Year, Says Tencent Research

Dou Shicong

Date: Fri, 04/13/2018 - 01:27 / source:Yicai
China’s Digital Economy Accounted For Nearly One-Third of GDP Last Year, Says Tencent Research
China’s Digital Economy Accounted For Nearly One-Third of GDP Last Year, Says Tencent Research

(Yicai Global) April 12 -- China’s digital economy size reached CNY26.7 trillion (USD4.2 trillion) last year, up 17.2 percent year-on-year, said a report by a research institute of China’s internet behemoth Tencent Holdings Ltd.

Digital economy accounted for 32.2 percent of China’s GDP last year, compared with 30.61 percent a year earlier, said a report released by Tencent Research Institute at the 2018 internet plus & digital economy summit in Chongqing municipality in southwest China today.

However, there is a big gap between China’s highly digitalized major cities and the third- and fourth-tier cities, news portal Cs.com said, citing the report.

The southeastern Guangdong province led other Chinese provinces in terms of digital economy size for three consecutive years, followed by Jiangsu and Zhejiang, both on the east coast, with their combined size accounting for 33.1 percent of the total in China, the report showed. Shanghai, Guangzhou and Shenzhen, both in Guangdong, major centers in their respective regions, also had a positive impact on surrounding cities.

A digital economy map in the report shows that the Yangtze River Delta, the Pearl River Delta and Shanghai, Guangzho, Shenzhen and Beijing all are areas with high-net added value. However, digital growth drivers now expand to central areas of China, the report noted.

China now accounts for 42 percent of global e-commerce, boasts one-third of the world's most successful tech startups, and conducts 11 times more mobile payments than the US per year, said the World Economic Forum, a non-profit foundation, in January.

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Keywords: TENCENT, digital economy, Guangdong, Shanghai, Growth, IT, TECHNOLOGY