In recent times, new businesses like online retail, online education, video conferencing, telecommuting have emerged in China. In the era of Corona epidemic, the use of technology like Big Data, Artificial Intelligence, Internet of Things, Blockchain, etc. has led to the rapid development of digital economy in the country.
The ratio of digital economy to China’s GDP is around 30 percent, And the growth rate of digital economy is many times more than the growth rate of GDP. About 200 million people are engaged in the work related to the digital economy. Obviously, it has an important role in the country’s economy and has become the new fuel for economic growth and employment in the country.
China has the highest number of netizens in the world. Recently the Chinese Internet Association released an annual report of Internet development in China. According to this, the number of netizens in China stood at 1 billion 319 million, e-commerce business was 348.1 trillion Chinese yuan and online payment amount was about 2498.8 trillion yuan. Online payment rate in China ranks first in the world.
Many foreigners living in China believe that online payment is very convenient in China, which has become an essential part of their lives. QR code is available for payment at almost every small and big shops. It can be scanned and paid. People can travel in bus, metro, taxi etc. by paying from their mobile phones, or they can buy all the food and drink. That is, you can buy a large amount of furniture from a water bottle to mobile payments.
See, during the epidemic, the digital economy including e-commerce and digital finance has stabilized the Chinese economy. . More and more Chinese people will join the digital economy due to the creation of new types of basic installations such as 5G base stations, high-speed railways, new energy vehicle charging pipes, big data, artificial intelligence, industrial internet etc. It is believed that the digital economy will boost China’s economic growth.