China aims to further boost digital economy
China is committed to developing a digital economy with openness and shared benefits and the rapid development of the country's internet is visible proof of its success, said Ren Xianliang, deputy director of the Cyberspace Administration of China.
Ren reiterated that China advocates the free flow of information and welcomed foreign businesses to work in the country, on the condition that they abide by local rules and regulations.
"We welcome global internet companies to develop their businesses in China. But this is based on the premise that they will obey the local laws," Ren said at a State Council Information Office news conference.
He said that China will host the fourth World Internet Conference in the river town of Wuzhen, Zhejiang province from Dec 3 to 5. Leading domestic and overseas internet tycoons will attend the conference, including Alibaba Group Holding Ltd's chairman Jack Ma, Tencent Holdings Ltd's CEO Pony Ma and Baidu Inc's chairman Robin Li and foreign giants such as Microsoft and Qualcomm.
Twenty sub-forums are planed during the event from Dec 4 to 5, covering topics related to the digital economy, cutting-edge technologies, the internet and society, cyberspace governance and the community of shared destiny.
By Nov 7, more than 400 enterprises had confirmed their participation in the Light of Internet Expo, including 419 exhibitors. Some 126 companies will showcase their latest products and technologies at the event.
For the first time, the conference will release two blue books - World Internet Development Report 2017 and China Internet Development Report 2017. The former will explain the current situation and development trend of the internet industry around the globe, such as innovation ability, industrial development, internet application and cyber security. The second report will summarize China's experiences in internet development. Ge Huijun, publicity chief of Zhejiang province, said since the first World Internet Conference was held in Wuzhen in 2014, the region has experienced fast development. As of September, Wuzhen boasts 148 registered internet companies, with the total registered capital reaching 4.04 billion yuan ($609 million).
Meanwhile, China's outbound direct investment from non-financial sectors dropped 40.9 percent year-on-year to $86.31 billion between January and October, the Ministry of Commerce said.
The drop in the country's ODI during this period narrowed 1 percentage point from the first three quarters of this year, indicating that China continued making investments in manufacturing and modern service-related business in global markets. Investment in leasing and commercial services, manufacturing, and retail and information-related businesses accounted for 32.4 percent, 17 percent, 12.3 percent and 9.9 percent of the country's total ODI, respectively, during the nine-month period, said the ministry.
Companies from China invested in 5,410 companies in 160 countries and regions from January to October and signed $184.3 billion in new contracts for overseas projects, a rise of 11.3 percent year-on-year. The ministry said China would continue to tighten its review of the authenticity of overseas investment and compliance with regulations, and guide more investment into the real economy and reduce investment in sectors in which Chinese companies are not proficient at managing.
Moreover, an exhibition featuring Chinese hi-tech products and technology opened Thursday in Shenzhen, South China's Guangdong province.
The China Hi-tech Fair 2017 has drawn more than 3,000 exhibitors from over 30 countries and regions.
Covering a total area of 120,000 square meters, 12 exhibition zones feature hi-tech products in environmental protection, biological sciences, new energy, new materials, military and civil integration, and sensor technology.