China's USD4.65 Trillion Digital Economy Underpins 35% of Nation's GDP
Xu Wei
DATE:  May 08 2019
/ SOURCE:  yicai
China's USD4.65 Trillion Digital Economy Underpins 35% of Nation's GDP China's USD4.65 Trillion Digital Economy Underpins 35% of Nation's GDP

(Yicai Global) May 7 --  China's digital economy touched CNY31.3 trillion (USD4.65 trillion) last year.  

It seized almost 35 percent of the country's gross domestic product to become the new powerhouse pushing the world's second-largest economy, state Xinhua News Agency reported, citing a report by the Cyberspace Administration of China on the second Digital China Summit in Fuzhou, the capital of southeastern Fujian province, which started yesterday and winds up tomorrow.

E-commerce companies underwent a robust growth spurt, transacting CNY31.6 trillion last year, with over CNY9 trillion from online retail. Smartphone payment has become the new normal with the steady rise of mobile internet and e-commerce, and 600 million Chinese paid online last year, per the report.

Data has become a core element advancing digital economic growth and information consumption has also turned into a dynamo driving the charge, the report added.

China had 829 million internet users by the end of last year, or almost 60 percent of the nation's entire population. The country's optical fiber cables stretched 43.6 million kilometers and its fourth-generation mobile network continued to swell, while the ranks of 4G network users reached 1.17 billion households in a 169 million net annual rise.

China's web-based economy is going from leaps to bounds, but still lacks innovation and cries out for better coordination of regional digital economic growth, the report also noted.

Editor: Ben Armour
 

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Keywords:   Digital Economy