China's Digital Economy Reached $6.1 Trillion

China released the World Internet Development Report 2021 (WIDR 2021) during the World Internet Conference in Wuzhen. The report points out that in 2020, the market scale of China's digital economy has reached $6.1 trillion dollars (39.2 trillion yuan), accounting for 38.6% of GDP and maintaining a high growth rate of 9.7% YoY. The digital economy has become a key driving force of China’s economic growth.

The continual digitization of China's industries, combined with new technology in the form of automation and artificial intelligence are driving growth. The WIDR 2021 report states that 7.5 trillion yuan worth of digital market opportunities have been created over this time period - not including the agricultural sector which has seen USD 5 billion (31 billion Yuan) market value go digital since last year. This continues an accelerated trend where industrial chains follow suit by moving up what can be considered "the global high-end" as more businesses move forward into robotics fields, 3D printing techniques etc

As of 2020, China's E-commerce transaction volume reached 37.21 trillion yuan with an increase rate of 4.5% a year; The operating revenue generated by the e-Commerce service industry also increased at 21.9%. This rapid growth has attracted many new players which created jobs for people in these fields as well!

According to the World Internet Development Report 2021, digitalisation is a major choice for the world to tackle the impact of the COVID-19 and speed up economic and social transformation. Countries around the world have accelerated the layout of new infrastructure. New information infrastructure represented by 5G, Artificial Intelligence, Internet of Things, industrial Internet and satellite Internet has gradually become a new driving force for global economic growth.

According to the World Internet Development Report 2021, digitalisation is a major choice for countries around the world in their fight against COVID-19. The new infrastructure of 5G, Artificial Intelligence and IoT (Internet of Things) will help speed up economic & social transformation by speeding up business transactions as well as improving lives through healthcare advancements like never before.