The development of the digital economy is not only a major change in economic development, but it is also an important revolution in industrial and commercial patterns and a significant reform in the economic system,” Xi said at a conference on the digital economy, according to a report by getindianews.com.
“The development of the digital economy has not been balanced and there are new problems emerging as well as new opportunities. It has not been free from problems.”
Xi said that China’s digital economy should be governed by laws and regulations and that independent supervision mechanisms should be set up to tackle its “unhealthy” developments.
The state should carry out reforms to encourage innovation, upgrade traditional industries and pursue high-quality growth while it should also create a market environment that is fair and competitive, he said.
China’s internet giants have grown rapidly through acquisitions of foreign technology firms and aggressive marketing of their products. The country’s top three search engines — Baidu, Alibaba Group Holding Ltd’s Taobao Marketplace, and Tencent Holdings Ltd’s WeChat — have formed an oligopoly in recent years.
In an essay in the ruling Communist Party’s journal Qiushi on 15th January, Xi called for a focus on key areas such as integrated circuits, displays, communication devices, and smart hardware.
“China must cultivate a number of internationally competitive enterprises and leading green enterprises that control industrial chains, to create world-class digital industrial clusters”, he stated. However, he didn’t comment on the recent ban on cryptocurrency news.
“We must see that compared with the strong countries in the global economy, China’s digital economy is large but not strong, fast but not superior.”
Xi Jinping also asked for regulation and standardization to close the regulatory gap and avoid “monopolies and disorderly capital expansion” in the world’s second-largest economy.
“In the process of rapid development, China’s digital economy also reveals unhealthy and erratic seeds and trends, which not only affect the healthy development of the digital economy but also violates laws and regulations and constitutes a threat to national economic and financial security,” he said.
China must be working to improve its national security system, with emphasis on strengthening the digital economy’s early warning, prevention, and control systems to ensure the safety of its citizens. Key technologies, key industries and facilities, strategic resources, and leading companies.
Xi’s essay follows a plan released on 12th January by China’s Digital Economy Development Cabinet, which aims to increase the industry’s share of national GDP by promoting technologies such as 6G and other technologies. Big data center.
The plan also spread light on challenges, including a lack of innovation capacity in key areas and weak governance.
Xi said the digital economy has become a new highlight of economic and social development, but it also faces new challenges from both within and outside China.
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