Chinese Digital Economy accounts for third GDP

China’s digital economy accounts for almost third the Gross Domestic Product (GDP), a report released by  the Chinese Cyberspace Academy  said.

China’s digital economy reached 22.58 trillion yuan (US dollars 3.4 trillion) in 2016, according to the report.

This puts China as second only to the United States and the figure accounts for 30.3 percent of the country’s overall economy, the report said.

The report assessed global internet development on the basis of several factors including the industrial sector capacity and “governance”, a term usually used to refer to the restrictions imposed on the Internet.

“China’s experience suggests that both factors are crucial to a sound development of the internet that aims to serve the fundamental interests of the people,” Xu Yunhong, an official from the academy was quoted as saying.

This year, China  tightened the restrictions imposed on the Internet and enacted new rules requiring foreign tech companies to store user data inside the country. Some fresh content restrictions were also enacted to make it more difficult for users to circumvent censors.

China’s digital economy has grown remarkably in the past few years due to the surge in e-commerce and the use of smartphone apps for a range of daily activities including ordering food, hailing taxis, messaging and playing electronic games.

 

 

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