China's digital economy to become world's largest: Expert

The second Beijing CED Internet Summit is held on Oct 16, 2018. [Photo/China News Service]

China's digital economy is expected to become the world's largest amid rapid development, said Hong Kong E-Commerce Association Chairman Joseph Yuen at the second Beijing CED Internet Summit on Tuesday.

The combined revenue of China's e-commerce, online travel, and digital media consumption in 2018 is estimated to reach $765 billion, ahead of the projected $698 billion in the United States and $434 billion in Europe, Yuen said.

In addition, by 2020, the number of people digitally connected globally will reach 4 billion, and the number of connected devices will reach 25 billion, which means an average of one person has about six devices connected to the internet, he said.

Tang Min, a State Council member, said the rapid development of the digital economy is changing people's lives, with robots increasingly used in drug stores, at conferences, and in automobile plants.

China needs to further open its market, transfer more scientific and technological achievements, and cultivate talent in order to accelerate the growth of the digital economy, Tang also said.

Yang Beibei, deputy head of the government in Beijing's Daxing district, said developing the digital economy has become a global consensus with the booming growth of e-commerce, artificial intelligence, industrial internet, and blockchain.

China is constantly improving the ecological system of the digital economy and making it a driving force for high-quality economic development, Yang said.