China's Digital Economy Worths $6.73 Trillion in 2021

China’s Digital Economy Worth Over $6.73 Trillion in 2021

Bukola Olanrewaju July 4, 2022 TECHNOLOGY Leave a comment

China’s digital economy logged rapid expansion in recent years, with its scale increasing from 11 trillion yuan (US$1.65 trillion) in 2012 to over 45 trillion yuan (US$6.73 trillion) in 2021, official data showed.

According to the state news agency (Xinhua), the proportion of the digital economy in China’s GDP rose from 21.6 percent to 39.8 percent in the period, the Ministry of Industry and Information Technology said.

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China has sped up digital infrastructure construction. By the end of May, the country had built the world’s largest and technologically advanced network facilities, covering prefecture-level cities with fiber-optic networks and having 1.7 million 5G base stations.

The country has also accelerated the integration of big data, cloud computing and artificial intelligence with such sectors as energy, medical care, transportation, education and agriculture.

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In 2021, the online retail sales of physical goods in China jumped 12 percent year on year, reaching 10 trillion yuan for the first time, according to the MIIT. A total of 151.23 billion mobile payment transactions were made, up 22.73 percent from the previous year.