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Digital economy to power global economic recovery

wuzhenwic.org Updated: 2021-08-19


Development of the digital economy has been seen continuing growth in 2020. [Photo/IC]

The digital economy is seen as a key factor in restoring economic growth in the face of the current economic downturn, according to the global digital economy white paper released by the China Academy of Information and Communications Technology (CAICT) on Aug 2.

The white paper included an in-depth study on international development in key sectors including 5G, data elements, artificial intelligence, digital transformation of manufacturing and drew conclusions on emerging trends in global digital economic policy.

It also showed the overall development pattern of the global digital economy and that of different countries and geographical positions based on a study of global digital economic development in 2020.

According to the white paper, in 2020, the economic value added by the digital economy reached $32.6 trillion across 47 nations, a nominal growth rate of 3 percent on a yearly basis and accounted for 43.7 percent of the gross domestic product (GDP).

Industrial digitization is still the main engine of development, and accounted for 84.4 percent of the digital economy.

The digital economy of the primary, secondary and tertiary sectors accounts for 8, 24.1 and 43.9 percent respectively.

Yu Xiaohui, president of the CAICT, explained that GDP growth of the 47 countries included in the white paper declined by 2.8 percent but overall growth of the digital economy increased by 3 percent, which indicates that growth in the digital economy is actually nearly 6 percentage points higher than overall economic growth.

Cyberspace Administration of China
People's Government of Zhejiang Province
United Nations Department of Economic and Social Affairs
International Telecommunication Union
World Intellectual Property Organization
Secretariat of World Internet Conference (Preparatory Office)
Cyberspace Administration of Zhejiang Province
Economy and Information Technology Department of Zhejiang Province
Tongxiang Municipal People's Government
National Internet Emergency Center
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