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Global digital economy to see new trends

2020-09-16Source: wuzhenwic.org   Wei Qiulin

The digital economy is now regarded by major economies around the world as an important measure to promote high-quality and efficient economic development, shape core competitiveness, as well as serve as a new engine for global economic recovery under the novel coronavirus (COVID-19) epidemic, making its future development trends important to pay attention to.

The digital economy is a series of economic activities that use digital knowledge and information as key production factors, the Internet and the Internet of Things (IoT) as important carriers, as well as the effective use of communication technology as an important driving force for efficiency improvement and economic structure optimization.

Since entering the second decade of the 21st century, the digital economy has become the main driving force for global economic development and has played a major role this year in the global fight against the COVID-19 epidemic, due to its non-contact advantages.

While the global digital economy is developing rapidly, it is also facing problems. The existing digital platforms have a strong short-sighted effect and serious waste of resources due to over-reliance on data traffic. On the other hand, data, the core element of the digital economy, cannot confirm rights, pricing, and transactions at present.

Various countries and regions around the world have made difficult explorations and valuable attempts on how to deepen the development of the digital economy.

Among them, the most representative one is the EU's General Data Protection Regulation, which was formally implemented in May 2018, to make the privacy protection of personal data more transparent and operable.

In June 2019, the Libra Association, a 28-member digital currency project led by social media giant Facebook, released a white paper, aiming to create a digital currency with low volatility, low inflation, and universal use on blockchain based on a basket of bank deposits and short-term government bonds.

China has taken more comprehensive measures. On Nov 5, 2019, data was included in the category of production factors by the Central Government for the first time. In March 2020, the Standing Committee of the Political Bureau of the CPC Central Committee held a meeting to propose speeding up the construction of new infrastructure like 5G networks and data centers.

In April, the National Development and Reform Commission pointed out the three aspects of new infrastructure: information infrastructure, which is based on the evolution of new generation information technology; integrated infrastructure, which mainly refers to the transformation and upgrading of traditional infrastructure with deep application of the Internet, big data, and artificial intelligence (AI); as well as innovation infrastructure, which mainly refers to infrastructure with public welfare attributes that supports scientific research, technology development, and product development.

According to data from Statista, an overseas Internet statistics and publishing company, China ranked first with a $25 trillion industry scale in the global digital industry rankings in 2019.

In the future, China will help developing countries build digital economy infrastructure with 5G, AI, IoT, cloud computing, and blockchain infrastructure that have been tested by the Chinese market, helping build a global digital economy community.

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