Financing association set up for China's digital economy

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China's digital economy, which has become the world's second largest as it reached 27.2 trillion yuan (nearly four trillion US dollars) in 2017, gets a new boost on Thursday.

The China Digital Economy Investment and Financing Association, aimed at facilitating financing and investment in the sector by functioning as a platform for negotiations between governments, companies and investors, was set up during the fifth World Internet Conference in eastern China's Zhejiang Province.

Initiators of the association are 50 companies and institutions include Chinese tech giants Alibaba, Tencent and Baidu, US venture capital firm Sequoia Capital and the National Computer Network Emergency Response Technical Team Coordination Center (CNCERT).

The digital sector recorded 6,000 investment and financing events last year, involving a total of one trillion yuan, thus the need for improving financial services in this sector, said Wu Tienan, an official with the Cyberspace Administration of China.

(with input from Xinhua)