China Digital Economy
China Digital Economy
In the dynamic evolution of the current economic and social context, businesses find themselves in a constant state of adaptation and innovation. Since the beginning of this year, the digital world saw a positive increase in order to overcome restrictions imposed by preventive pandemic measurements. Indeed, a large number of new business formats and models were implemented for instance online education, remote work, and contactless delivery. Implementation and innovation towards digitalization is a process that companies are still processing, which shows the potential and resilience of a digital economy.
Several businesses, that were originally focused on the offline, are accelerating the digitalization process, integreting online with offline activities. According to the "Hundreds of Digital Economy Application Scenarios" report, China’s new online service models are booming. Emerging technologies such as big data and artificial intelligence are being employed in every field, from production to logistics, from education to medical areas. The pandemic accelerated the process and the spread of these emerging technologies.
Taking a closer look to China, in 2019, the added value of China’s digital economy reached 35.8 trillion-yuan, which accounts for 36.2% of GDP. Its contribution to GDP growth was 67.7%. Additionally, in the first three quarters of 2020, the added value of high-tech manufacturing increased by 5.9% year-on-year. Since March, the average monthly growth rate has reached 9%. Software and information technology service industry achieved a year-on-year revenue growth of 11%. Particularly notable is the revenue from big data services and cloud services, which increased by 16% and 7% respectively.
The digital economy is moving upstream, driving high-level integration data, digital transformation, innovation, and leading high-quality development, demonstrating strong development resilience and potential. Aware of the huge potential and opportunities of the digital world, many Chinese provinces as Guangdong, Zhejiang, Hebei, Beijing are actively promoting and taking steps towards the construction and implementation of a sustainable and suitable digital economy.
In consideration of the digitalization path that businesses are taking on each aspect of its operation, a comprehensive digital marketing strategy and communication is essential. Indeed, in order to remain competitive, create visibility and awareness, businesses should focus on how to communicate and market on the digital level too. BPcom offers comprehensive digital marketing solution for your business operating in China.