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China pushes for wider use of digital currency – OpenGov Asia

China will continue to promote the development of a digital economy during the period of the 14th Five-Year Plan (2021-25), according to a circular issued by the General Office of the State Council. By 2025, the digital economy is expected to be booming, with the added value of key industries in the digital economy accounting for 10% of GDP.

Meanwhile, digital innovation is expected to play a bigger role in economic development with significant progress at smart level and integration between digital technology and real economy. A better system of governance of the digital economy and a more competitive digital economy are also expected, according to the circular.

According to the plan, efforts will be made to accelerate the construction of the information network infrastructure and a nationally integrated large data center system coordinating computing power, algorithms, data and resources. ‘application. High quality data elements will be provided.

Market entities will be encouraged to collect data in accordance with the law. The handling of data resources will be improved and the data services industry will be encouraged and expanded. In addition, market-based circulation of data elements will be encouraged. In addition, new mechanisms for the development and use of data elements will be developed.

The plan also emphasizes industrial digital transformation. To accelerate digital transformation and enterprise upgrading, large qualified enterprises will be encouraged to create integrated digital platforms. Efforts will also be made to deepen the overall digital transformation in key industries, including the full and comprehensive digital transformation of traditional industries and a higher level of digitization in the agricultural industry.

The circular also urged to promote the digital transformation of industrial parks and clusters. It focuses on improving the innovation of key technologies in strategic and forward-looking areas such as quantum information, network communications, integrated circuits, key software, big data, artificial intelligence, blockchain and new materials, among others.

Basic industries are expected to be more competitive, such as basic software and hardware, basic electronic components, key basic materials and production equipment. And the key products should be more self-sufficient. New forms and business models will be encouraged.

The digitization of public services is also an important issue, according to the circular, and efforts will be made to improve the efficiency of Internet Plus government services and ensure that digital social services benefit more people.

A good governance system for the digital economy will be put in place with the participation of governments, platforms, companies, industrial organizations and the general public. The circular also emphasizes international cooperation and data and network security.

Although data is an important factor in the digital economy, more should be done to bridge the digital divide to benefit more user groups. More specifically, we must improve the construction of infrastructures and the sharing of computing power from large companies to smaller ones.

As reported by OpenGov Asia, China’s leading industry regulator has unveiled a five-year plan to accelerate the integration of digital and real economies as part of a wider campaign to establish a policy framework for development. industrialist in the country until 2025.

The Ministry of Industry and Information Technology said that accelerating the deep integration of information technology in all industrial chains is of great importance to promote industrial digitization and industrialization digital in the new era. According to the five-year plan, the ministry will adopt five special initiatives, including promoting the digital transformation of manufacturing and industrial internet platforms, to advance industrial upgrading.

The ministry said the integrative development of “5G plus industrial Internet” is on a fast track in China. At present, more than 100 influential industrial internet platforms have also been built. In addition, more than 1,800 industrial 5G internet projects and above are under construction in China, covering 10 major industries including mining, coal and power.