Plan focuses on digital economy development during 14th Five-Year Plan period

China will further promote the development of a digital economy during the 14th Five-Year Plan (2021-25) period, according to a circular issued by the General Office of the State Council on Jan 12, 2022.

By 2025, the digital economy should be in full expansion mode, with the added value of core industries in the digital economy accounting for 10 percent of GDP.

Meanwhile, digital innovation should play a bigger role in leading economic development with significant progress in the intelligent level and integration between digital technology and the real economy.

A better digital economy governance system 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 national-level integrated big data center system coordinating computing power, algorithms, data, and application resources.

High quality data elements will be provided.

Market entities will be encouraged to collect data in accordance with the law. Data resources processing will be improved and the data service industry will be fostered and expanded.

In addition, market-based circulation of data elements will be promoted. Furthermore, new mechanisms for the development and utilization of data elements will be developed.

The plan also emphasized industrial digital transformation.

To accelerate digital transformation and upgrading in enterprises, qualified large-scale enterprises will be encouraged to build integrated digital platforms.

Efforts will also be made to deepen comprehensive digital transformation in key industries, including all-around and full-chain digital transformation of traditional industries and higher digitization level in the agricultural industry.

The circular also urged promoting digital transformation of industrial parks and clusters.

It stresses enhancing innovation of key technologies in strategic and forward-looking fields such as quantum information, network communications, integrated circuits, key software, big data, artificial intelligence, block-chain, and new materials, among others.

Core industries should be more competitive, such as basic software and hardware, core electronic components, key basic materials and production equipment. And key products should be more self-sufficient.

New business forms and models will be fostered.

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

The plan decided to promote construction of smart cities and digital villages, as smart parking lots, smart charging centers, and smart dustbins will be encouraged in newly built residential areas.

A sound digital economy governance system will be established with the participation of governments, platforms, enterprises, industrial organizations, and the general public, according to the circular.

International cooperation and data and network security are also stressed in the circular.