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China's Economic Growth Led by IoT

Updated: Jul 20, 2023

China's global economic growth spurred by IoT
Image source: Vecteezy

BEIJING – Amid geopolitical turmoil and the ongoing pandemic, tech experts and entrepreneurs predict that emerging technologies such as the Internet of Things (IoT) and a burgeoning digital economy, both areas where China is a global frontrunner, could provide fresh impetus to the world's economic climate.

A Robust Foundation

China is poised to increase its number of 5G base stations to over 3 million this year, establishing a robust foundation for IoT development.

The nascent digital economy is expected to con tribute about 30 percent to the country's GDP. IoT-supported digital industries and smart technologies present significant potential for China's economic growth. There is an increasing number of IoT products, systems, and platforms appearing, spanning diverse sectors from industry, agriculture, logistics, transportation, and energy.

China's Economic Growth Second Largest

China has achieved substantial progress in recent years, propelling the growth of its digital economy. According to a white paper from the China Academy of Information and Communications Technology, China's digital economy scaled to 45.5 trillion yuan ($6.3 trillion) in 2021, making it the world's second largest and contributing 39.8 percent to the country's GDP.

A recent guideline on constructing a 'digital China' is set to fuel its modernization drive in the digital age and provide firm support for developing a competitive edge. The plan foresees China leading global digital development by 2035, with a balanced and sustainable progress in various aspects such as economy, politics, culture, society, and ecology.



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