(Yicai Global) July 25 -- Cooperation between China and Germany in fields related to the digital economy has the potential to take the countries' bilateral links to the next level, a Chinese diplomatic official has said.

Data is the key to the digital economy, Commercial Counsellor of the General Consulate of China in Munich Pei Yonggui said in a speech at a forum at the China Europe International Business School on July 17. CEIBS is dedicated to serving as a bridge for the development and exchange of economy, culture, and talent between China and Europe.

Digital technology and innovation including big data, cloud computing artificial intelligence, virtual reality and blockchain are core drivers of the sector, Pei said.

By combining digital technology and the real economy, the two countries can reduce the cost of economic activities and boost efficiency in production, he added.

Pei indicated that the digital economy could disrupt traditional labor markets and the current regulatory system, and it is important to pay attention to the negative effects the digital economy may bring.

Editor: William Clegg