Taiyuan to become digital economy hub in Central China

The Taiyuan municipal government recently issued 18 measures to accelerate the development of the digital economy, aiming to promote industrial digitization, the digital transformation of industries, data monetization, and governance digitalization.

Taiyuan will continuously strengthen, improve, and expand the digital economy, turning itself into a hub for the development of the digital economy in Central China.

The measures involve supporting the construction of digital infrastructure, growth of digital economy entities and industrial clusters, digital transformation of industries, data monetization, and introduction of digital economy talents.

As part of the measures, digital economy companies with annual operating income not less than 20 million yuan ($2.77 million) and a growth rate exceeding 20 percent will be rewarded with up to 1 percent of the newly-added annual operating income, with a maximum reward of 1 million yuan.

Products or projects included in the national information innovation catalog will be provided with a one-time reward of 300,000 yuan; enterprises, research institutes, and industry associations recognized with national pilot demonstration and outstanding cases in the field of digital economy will be awarded one-time rewards of 500,000 yuan and 250,000 yuan, respectively; newly-recognized provincial demonstration digital economy parks will be provided with a one-time reward of 800,000 yuan.

According to the "implementation plan for comprehensive development of digital economy in Taiyuan (2023-2025)", by 2025, the overall scale of the digital economy in the city is expected to exceed 280 billion yuan, with an average annual growth rate exceeding 15 percent and accounting for 35 percent of the GDP, while the value added of core digital industries is expected to account for 10 percent of the GDP.