China to invest multi-billion dollars to develop digital economy

Published: September 19, 2018 12:42:26 | Updated: September 21, 2018 14:11:36

China will invest 14.6 billion US dollars (about 100 billion yuan) for developing the digital economy in the next five years, the Cyberspace Administration of China (CAC) said.

The investments will go to projects on big data, internet of things (IoT), cloud computing, smart cities and the digital Silk Road, according to an agreement.

China Development Bank and the National Development and Reform Commission signed the deal at the International Conference on Digital Economy and Digital Silk Road that opened Tuesday.

Development of the digital economy is listed as an important task for building modern economic setup in the second largest economic country of the world to achieve high-quality development.

China has attained vital progress in the cause over the past years by way of rolling out a raft of measures, including a national big data strategy, reports Xinhua.

The size of the digital economy grew to 27.2 trillion yuan last year, up 20.3 per cent year on year and accounting for 32.9 per cent of the country's gross domestic product.

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