Digital economy set to play greater role

Let ICT become the new driving force

Jia Jinjing

The rapidly growing information and communications technology (ICT) has become an integral part of production and people's day-to-day activities, as well as the driving force of global development and economic planning.

The changes are reflected in three aspects. First, ICT has changed the nature of commercial activities. The consumption pattern and enterprises' operation mode have fundamentally changed, and now the effective combination of the e-economy and the real economy will lead to more revolutionary innovations that will have a greater impact on people's lifestyles.

Second, the change in the industrial manufacturing pattern over the past three decades, especially outsourcing by big enterprises, has reshaped the international industrial order, and China has become a hub of this change. And new combinations of ICT and industrialization such as the "Made in China 2025" strategy and Industry 4.0 will make the industrial sector even more intelligent.

Third, the change in the financial system, thanks to ICT's development, has made trade in the financial industry, even the entire economy, more convenient and created a huge space for the e-economy to develop amid new opportunities and challenges.

Making China a great cyber power has already been made a national strategy. Its aim is to broaden the coverage of network infrastructure, facilitate comprehensive development of the e-economy and safeguard the internet. And these efforts will definitely fuel the transformation and upgrading of the Chinese economy.

Jia Jinjing, head of Macroeconomics Study, Chongyang Institute for Financial Studies, Renmin University of China