China’s mind-blowing digital economy in numbers
China has become one of the world’s largest adopters of new digital technologies. This has largely contributed to its position as a leading force in the global digital economy. Here are some of the most astounding figures and statistics to quantify the size of China’s digital econom.y
1. It produced US$4.2 TRILLION in 2017
In 2017, China’s digital economy produced a total $4.2 trillion USD, which makes up almost ⅓ of total GDP.
The massive growth of the Chinese digital economy can be attributed to the development of things like televisions, smartphones and drones. The huge population is full of tech-savvy consumers who are keen to embrace technological change and innovate. After all, most of this kind of technology is manufactured in China, so it’s no surprise the locals are among the first to get their hands on new technology. This has had a really big influence on China’s growth.
2. 42% of global ecommerce comes from China
The fast-moving digital economy is changing citizens everyday lives and reshaping China as we know it. China drives 42% of all global ecommerce and is home to ⅓ of the worlds private startups, with the government promoting innovation at a level that’s unheard of in the west.
3. China is home to 20% of global internet users
China is also home to 20% of the total internet users around the world. Three massive internet giants, Baidu, Alibaba and Tencent (otherwise known as BAT) have created their owndigital ecosystem. Their products and services are used in every single aspect of Chinese consumers lives.
4. 1/3 of the world’s private startups are in China
China’s digital economy is changing the way the economy functions. Jobs with standardised processes will be replaced by technology but a desire for highly-skilled workers will be increased, especially as the number of digital startups continues to rise.
5. It will reach $16 trillion by 2035
It’s pretty clear by now that China is a leader in innovation, with a digital economy set to reach $16 trillion by 2035. This fast growing and extremely wealthy digital economy is said to soon to simply become the economy.