China sets five-Year targets for growth of digital sector
China unveiled a five-year plan for the growth of its digital economy until 2025 with a special focus on further upgrading the country’s digital infrastructure, increasing the role of data as a production element, and promoting the digital transformation of industries. The plan, which was released by China’s Cabinet, highlighted the role of the sector as a key force in reshaping the global economic structure and international competition. It sets out the target of having the core industries in the digital economy contributing with 10% of the gross domestic product (GDP), compared to 7.8% in 2020. The 14th Five-Year Plan (2021-25) underscores the importance of improving China’s innovation capacity in key technologies including sensors, quantum information, telecommunications, integrated circuits, key software, big data, and artificial intelligence (AI).