China helps advance digital economy growth in Asia-Pacific: industry leader
Asia-Pacific countries are expected to open up their digital economies and pursue greater cooperation in this sector, even though some nations are taking protectionist stances that will hurt their own economies and the region’s development, an industry leader said on Thursday.
The digital economy is one of the focuses of this year’s Asia-Pacific Economic Cooperation leaders’ meeting, which will be held on Saturday and Sunday in Port Moresby, capital of Papua New Guinea.
Since the 1990s, the rapid development of the new economy, which is powered by the internet and digital technology, has become a key driver of global innovation and growth.
China has pursued relatively fast growth in the digital economy in recent years and the country will continue to actively advance the growth of the industry in the Asian-Pacific region through efforts like improving infrastructure and business models, Zhang Lijun, chairman of the China APEC Development Council, told the Global Times on Thursday.
The world’s digital economy reached $12.9 trillion in 2017, with the US and China holding the top two spots, according to a report released on November 8 at the 2018 World Internet Conference.
As the digital economy advances, AsiaPacific countries have shown their willingness to support the sector’s growth, Zhang noted.
But there have been problems caused by increasing disparities in technology and infrastructure, Zhang said, noting that “some countries have sought fast growth in technology and business models while others are still catching up in infrastructure construction.”
In this context, businesses and leaders in the Asia-Pacific hope to achieve economic integration, Zhang said, adding that the China-proposed Belt and Road initiative (BRI) will bring connectivity in infrastructure in the region.
Through the BRI, Chinese companies can share their development experience in the digital economy sector and help other countries build the necessary infrastructure. China has advantages such as evolving technology and a large e-commerce market, according to Zhang.
In 2017, China’s e-commerce market generated transactions of 29.16 trillion yuan($4.2 trillion), up 11.7 percent year-onyear, according to figures released by the National Bureau of Statistics.
Deputy Secretary General of the National Development and Reform Commission Ren Zhiwu said that China’s digital economy is growing at an average annual rate of more than 31 percent, www.ce.cn reported on November 8.
“Although China plays a leading role in the industry, we haven’t forgotten our responsibilities, and the country is actively involved in advancing the growth of the digital economy in the Asia-Pacific region,” he said.
But challenges persist. Some countries in the region are likely to take a protectionist stance, which will bring harm to the advance of the digital economy sector and also the region’s development, Zhang said.
The digital economy is expected to become a new engine for countries’ GDP growth. What’s needed is a sound environment that trade and investment liberalization and facilitation can help create, Zhang said.