Image source: Photo.com
On December 21, the Boao Forum for Asia released the "Asian Digital Economy Report". According to the report, against the backdrop of an overall sluggish world economic recovery, Asia remains a bright spot for global economic growth. Among them, the digital economy has become an important driving force for Asia's economic development. It is estimated that the scale of the digital economy of the 14 representative economies in Asia will be 12.8 trillion US dollars in 2022, an increase of 0.43 trillion US dollars from last year. In 2022, the digital economy of the 14 representative economies in Asia grew by 3.5% year-on-year in nominal terms, 3.3 percentage points higher than the nominal growth rate of gross domestic product (GDP) in the same period, effectively supporting the sustained recovery of the global economy.
In terms of scale, China's digital economy is far ahead, reaching US$7.47 trillion in 2022. Japan is in second place with $2.37 trillion. South Korea is in third place with $952.3 billion. In addition, India, Saudi Arabia, Singapore, Indonesia, Israel, and Malaysia all have digital economies of more than $100 billion.
-- The scale of the digital economy market continues to grow
From 2017 to 2022, the market size of the mainland's digital economy industry continued to grow, exceeding 50 trillion yuan for the first time in 2022, reaching 50.2 trillion yuan. From 2017 to 2022, the market size of the mainland's digital economy industry has increased by a total of 23 trillion yuan, nearly doubling. On the whole, the overall development potential of the digital economy industry in mainland China is large, and the industry has a large space for development.
-- The ratio of digital industrialization and industrial digitalization remained stable at 28
Overall, from 2017 to 2022, the proportion of industrial digitalization in the digital economy fluctuated at around 80%, and the proportion of digital industrialization fluctuated at around 20%. In 2022, the scale of digital industrialization in mainland China will be about 9.2 trillion yuan, and the scale of industrial digitalization will be about 41.0 trillion yuan. At the same time, technologies such as the Internet, big data, and artificial intelligence play an important role in promoting the process of industrial digitalization.
-- The scale of the digital economy will exceed 60 trillion yuan by 2025
According to the China Academy of Information and Communications Technology, by 2025, the scale of the mainland's digital economy is expected to exceed 60 trillion yuan, and the efficiency of digital economy input and output will increase to 3.5. By 2032, it will exceed 100 trillion yuan, and the growth will exceed 50 trillion yuan in ten years.
At the same time, according to the mainland's "14th Five-Year Plan" for the development of the digital economy, the mainland will continue to optimize and upgrade in the field of digital infrastructure, promote the commercial deployment and large-scale application of 5G, forward-looking layout of the sixth generation of mobile communication (6G) network technology reserves, increase 6G technology research and development support, promote the evolution and upgrading of spatial information infrastructure, satellite Internet construction and other aspects of development, improve the coverage level of the Internet of Things in industrial manufacturing, agricultural production, public services, emergency management and other fields, enhance fixed-mobile integration, The combination of broadband and narrow IoT access capabilities comprehensively promotes the rapid development of the digital economy at the facility level.
Li Baodong, Secretary-General of the Boao Forum for Asia, said that China is one of the countries with the friendliest environment, the strongest momentum and the most widely used digital economy in the world. The Chinese government attaches great importance to the development of the digital economy and has elevated it to a national strategy. China has basically formed a sound digital economy policy system, with both top-level design and detailed local promotion measures. It can be expected that the digital economy will continue to be an important driving force for China's economic growth.
Cai Yuezhou, a researcher at the Institute of Quantitative and Technical Economics of the Chinese Academy of Social Sciences, a professor and doctoral supervisor of the School of Applied Economics of the University of the Chinese Academy of Social Sciences, said that from the "Internet +" eight years ago to the current "data element ×", it reflects that the development of the mainland's digital economy has entered the stage of empowerment transformation with the promotion and application of early digital technology (especially the new generation of information technology) as the main content, and has entered the in-depth development stage with data as the key element and giving full play to its multiplier effect and multiplier effect. Cai Yuezhou said that at present, a broad consensus has been formed on the importance of the digital economy to China's economy, and giving full play to the supporting role of data elements, especially the multiplier effect, is very important to promote the healthy development of the mainland's digital economy, support economic growth, and cultivate new advantages in international competition.
Prospective Economist APP Information Group
For more research and analysis of this industry, please refer to the "Market Prospect and Investment Planning Analysis Report of China's Digital Economy Industry" by Qianzhan Industry Research Institute.
At the same time, the Prospective Industry Research Institute also provides solutions such as industrial big data, industrial research reports, industrial planning, park planning, industrial investment, industrial mapping, smart investment promotion system, industry status certification, IPO consulting/fundraising feasibility study, IPO working paper consulting, etc. To quote the content of this article in any public information disclosure such as prospectus and annual report, formal authorization from Qianzhan Industry Research Institute is required.
More in-depth industry analysis is available in the [Prospective Economist APP], and you can also communicate and interact with 500+ economists/senior industry researchers.