Digital economy and platforms spur growth

China’s latest push on the digital economy and platform companies is expected to spur economic growth, boost market confidence and help private enterprises bolster technological innovation, company executives and experts said Wednesday.

Despite downward pressure on the economy and external challenges, prominent domestic high-tech and internet-based companies remain optimistic about China’s economic prospects, and are promoting the broad applications of digital technologies, they said.

Her assessment emerged in response to the Central Economic Work Conference which concluded on 16 December. The conference emphasized the need to vigorously develop the digital economy and improve the level of normalized supervision. He also called for support for platform companies so that they could support economic growth, create more jobs and compete better on the global stage.

“The digital economy has become a key battleground for global competition, and also serves as a new driving force for economic growth, with long-term strategic importance. We look forward to participating in the development of the digital economy,” said Chen Long, chairman of Alibaba Group’s sustainability steering committee, and president of the company’s strategic planning business.

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Chen said that Alibaba will accelerate scientific and technological innovation in digital technologies, including artificial intelligence and cloud computing, promote the integration and application of digital technologies to various industries, as well as contribute to the recovery of consumption, the digital transformation of enterprises , and jobs. creation.

“China has withstood multiple tests from the COVID-19 pandemic and a volatile external environment in recent years. We have full confidence in China’s economic recovery next year, as well as taking full advantage of pandemic prevention and control measures,” said Chen.

Wang Yiming, vice-chairman of the China Center for International Economic Exchange, said that the conference has sent a clear signal to support the development of the digital economy, platform companies and the private sector, which has strongly stabilized prospects and added market confidence.

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The platform companies, which are among the drivers of the country’s economic recovery, will begin a new round of development, Wang said. He called for efforts to formulate detailed measures to support the standardized and healthy development of the platform economy.

According to a white paper released by the Chinese Academy of Information and Communication Technology, the scale of China’s digital economy will reach 45.5 trillion yuan ($6.5 trillion) in 2021, accounting for nearly 40 percent of the country’s GDP.

Zhou Hongyi, the founder of cybersecurity company 360 Security Group, said that support for the development of the platform economy and the private sector gives him confidence and hope. He emphasized the importance of pushing forward the digital transformation of micro, small and medium-sized enterprises.

With digitization making rapid progress in China, private enterprises will continue to play a significant role in strengthening innovation, Zhou said, adding that the cybersecurity sector is set to grow strongly in the next five years.

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Pan Helin, co-director of the Research Center for Digital Economy and Financial Innovation at Zhejiang University’s International Business School, said, “Platform enterprises play an increasingly important role in strengthening China’s economic growth, optimizing resource allocation, improving people’s livelihoods and expand employment.”

Pan said that the recent policy developments will pave the way for the healthy development of the platform economy, and adopt normalized supervision instead of strict and special correction of improper behavior of platform companies.

Xu Lei, CEO of JD’s e-commerce platform, said the company is committed to empowering the real economy through technological innovation and improving the resilience and safety of industrial and supply chains.

He said that JD has invested nearly 90 billion yuan in research and development since 2017, and will further increase investment in technologies, to strengthen China’s high-quality development.
Source: China Daily


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