Xi welcomes countries to ride fast train of Internet, digital economy

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Chinese President Xi Jinping said China hopes to encourage countries around the world to take a ride on the express train of Internet and digital economic development.

Xi made the remarks in a congratulatory letter to the Fourth World Internet Conference, which opened Sunday in the eastern Chinese town of Wuzhen.

The conference, which runs until Tuesday, is being held under the theme "Developing digital economy for openness and shared benefits -- building a community of common future in cyberspace."

The 4th World Internet Conference opened Sunday in the eastern Chinese town of Wuzhen. /Xinhua Photo

China's digital economy accounts for 30.3 percent of the country's GDP or 22.6 trillion yuan (3.35 trillion US dollars). It is driven to a large extent by leading technology companies, such as Baidu, Alibaba, and Tencent.

New areas of the digital economy, including the Internet of Things, virtual currencies, financial technology, artificial intelligence, advanced robotics, and big data are expanding rapidly in China. The sector is also spreading through traditional industries such as education and health care, improving efficiency and adding value in these areas.

More venture capital funds are pouring into digital technologies in China, which is home to the world's largest population of Internet users. Consumption-related mobile payments amounted to 790 billion US dollars in 2016, 11 times of that in the United States. On Singles' Day this year (November 11), shoppers spent 254 billion yuan or 38.2 billion US dollars online.

Chinese President Xi Jinping said China hopes to encourage countries around the world to take a ride on the express train of Internet and digital economic development. /Xinhua Photo

In China, technology is functioning as a revenue driver and enabler of new business models for many companies, including China’s e-commerce giants Baidu, Alibaba, and Tencent.

CAICT expects China's digital economy to be valued at 32 trillion yuan and account for 35 percent of the country’s total GDP by 2020, before taking up over half of the country's GDP by 2030, according to the white paper.

In developing a modernized economy, the country must focus on the real economy, Chinese President Xi Jinping stressed in the 19th National Congress of the Communist Party of China (CPC), adding that the country will turn Chinese enterprises into world-class, globally competitive firms, and leverage the fundamental role of consumption to become more market-based.

Wang Huning, a member of the Standing Committee of the Political Bureau of the CPC Central Committee and member of the CPC Central Committee Secretariat. /Xinhua Photo

China is willing to conform to the historic opportunities brought by the development of the Internet, and use the digital economy as an important driving force to promote the openness, cooperation, exchange, and sharing in cyberspace and build a community of common future in cyberspace, said Wang Huning, a member of the Standing Committee of the Political Bureau of the CPC Central Committee and member of the CPC Central Committee Secretariat.

The digital economy is now leading Chinese transformation and upgrading of the traditional industries. Take the manufacturing industry for example. Industrial robots and 3D printing technology are being used in the Yangtze River and Pearl River Delta areas, strengthening their respective core role in China’s manufacturing industry.

Broad application of big data, cloud computing and IoT in China have led to the emergence of a new model of business as well as new markets and industries, such as the sharing economy.

The digital economy is now leading Chinese transformation and upgrading of the traditional industries. /CGTN Photo

As an important part of China’s development strategy, the digital economy in China is believed to continue its pattern of growth, developing faster than GDP and injecting new growth momentum for quality development.

With the mantra of every corner in China today being "innovation" and "entrepreneurship", people have come to enjoy the perks of receiving parcels within 12 hours of an order being placed, unlocking a shared bike with a phone, and paying with your face at a cashier-less coffee booth.

From Singapore to Seattle to Sydney, consumers celebrate online shopping sprees, swipe virtual credit cards and ride shared bikes that all contain the Chinese gene.

With central government's strategic plan for promoting the digital economy, China will embrace the digital future with the rest of the world as it rides the wave of the digital economy.

Click here for more about the World Internet Conference 2017

1085km