China will ramp up resources to integrate cutting-edge information technologies into the real economy, as the nation is expected to become the world's largest data owner by 2020.
President Xi Jinping said China attaches great importance to the big data industry, and the rapid development of new-generation information technologies had a significant and far-reaching impact on social and economic development, state governance and people's lives.
Xi made the remarks in a congratulatory letter to the China International Big Data Industry Expo 2018, which began on Saturday and ends on Tuesday.
China is implementing a national big data strategy centered on building the country's strength in cyberspace and nurturing a digital China and smart society, which will aid the transition of the country's economy from high-speed growth to high-quality development, Xi said.
The president also called for enhanced international exchanges and cooperation in the development of the big data industry. Xi's remarks came as information technologies are playing an increasingly important role in fuelling economic growth.
In 2017, China's digital economy accounted for US$4.3tril (RM17.1tril), or 32.9% of the nation's gross domestic product, according to the China Academy of Information and Communications Technology.
Chen Zhaoxiong, vice-minister of industry and information technology, said China will account for about 20% of global data by 2020, placing a sound foundation for the nation to adopt cutting-edge applications.
"Boasting about 40% of disclosed big data patents in the world, China has already made significant progress in bolstering the big data industry, with a string of big data platforms established in sectors such as manufacturing, commerce, finance, transportation and medical care," Chen said.
Manbang, China's largest truck-hailing company, for instance, built a data-driven platform to help truck drivers find shippers to reduce a truck's empty miles and waiting time between loads. Wang Gang, the company's chief executive, said two years ago, big data was chiefly used to help companies to do targeted advertising or recommend personalised news in the consumer market. "But now the global industry reaches a consensus that the real potential lies in the marriage between big data and the real economies," Wang said.
Lin Nianxiu, vice-minister of the National Development and Reform Commission, also said the convergence of the real economy and the digital economy is picking up momentum in the world's manufacturing powerhouse.
As part of its broader push to drive the digital economy forward, China will boost the application of emerging technologies, such as artificial intelligence and blockchain cryptography, expand cooperation with other countries as well as press ahead for a string of new rules on data security, Lin said.
Qi Xiangdong, chairman of Chinese network security company 360 Enterprise Security Group, said entering the new era of big data and AI, China will also need to better cope with new challenges such as cyber attacks. — China Daily/ANN
Already a subscriber? Log in
Get 20% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
