Industry News

Report on the Work of the Government Again Mentioned “Digital Economy”

On May 22, 2020, the Report on the Work of the Government delivered by the Premier of the State Council, Li Keqiang, at the Third Session of the 13th National People’s Congress of the People’s Republic of China mentioned that “New forms of business, such as e-commerce, online shopping, and online services have played an important role during the covid-19 response and more policies will be introduced in support of such businesses. We will advance Internet Plus initiatives across the board and create new competitive strengths in the digital economy.” This is the fourth consecutive year that the “Digital Economy” has been included in the Report on the Work of the Government of the State Council.

Artificial intelligence, big data, blockchain and other technologies closely related to the “digital economy” and their applications in the financial field were also included in the government work reports at the provincial, municipal, and autonomous region levels earlier this year. Such as:

Beijing: Accelerate the construction of a national demonstration zone for financial technology and professional service innovation, promote the success of the “supervision sandbox” pilot, and strive to build a financial technology center with global influence;

Tianjin: Actively develop and strengthen the digital economy, implement “Internet + intelligent manufacturing”, big data application demonstration and other projects;

Shanghai: Gather all kinds of important financial institutions, accelerate the construction of a global asset management center, vigorously develop financial technology, and basically form an internationally competitive financial institution system;

Chongqing: Optimize financial services and develop digital inclusive finance;

Jiangsu Province: Focus on cultivating and strengthening the “three new economies”, strengthening technological innovation and industrial applications such as artificial intelligence, big data, and blockchain, cultivating and strengthening strategic emerging industries such as new-generation information technology, and vigorously developing the digital economy. New formats and new models add new momentum to high-quality development;

Zhejiang Province: “No. 1 Project” of the digital economy, in-depth implementation of the five-year digital economy multiplication plan, and strive to increase the value of the digital economy’s core industries by 15%;

Fujian Province: Deepen the construction of digital Fujian, implement special actions on blockchain technology innovation and industry cultivation, accelerate the pace of 5G commercialization, promote the integration of artificial intelligence, big data, the Internet of Things, and economic and social development, and strive to exceed 2 trillion yuan in the scale of the digital economy;

Guangdong Province: Vigorously develop the digital economy, build a national digital economy innovation development pilot zone; accelerate the development of blockchain technology and industrial innovation, actively promote and apply in the fields of finance and livelihood services, and build a blockchain industry cluster zone;

Anhui Province: Promote the innovation and development of technologies and industries such as the Internet of Things, the next generation Internet, and blockchain; deepen the application demonstration of “Digital +” and promote the construction of a “city brain”;

Hebei Province: Promote the construction of digital Hebei, promote the application of artificial intelligence, blockchain technology and industrial development, formulate and implement digital economy, bioeconomic planning and industrial policies, and accelerate the construction of Xiong’an Digital Economy Innovation Development Demonstration Zone;

Guangxi Province: Promote the development of digital economy, platform economy, innovation economy, and flow economy, promote the development of artificial intelligence, Internet of Things, big data, and flow economy, promote technological innovation and industrial applications such as artificial intelligence, Internet of Things, big data, and blockchain ; Promote the “Internet +” inclusive financial action plan; accelerate the creation of an ASEAN-oriented financial open portal, grasp the construction of large platforms such as the ASEAN-oriented international financial big data center, and continue to promote the implementation of various financial reforms and innovations such as cross-border use of RMB;

Hainan Province: Make special efforts to strengthen Hainan Ecological Software Park and other key parks, focusing on the development of digital economic industries such as intelligent Internet of Things, blockchain, digital trade, and financial technology;

Guizhou Province: Promote the in-depth integration of the digital economy and the real economy; promote the “introduction of gold into Guizhou”, further improve the local financial service system, vigorously develop green finance, technology finance, and enhance the ability of the financial services real economy.

Relying on advanced technologies such as the Internet, artificial intelligence, cloud computing, and blockchain, financial technology is reshaping the ecology of the financial industry in a rapidly developing situation, and has been widely valued and strongly supported by central and local government agencies. It can be expected that after the epidemic, the government will further accelerate investment guidance and construction promotion in the field of “new infrastructure”, serve financial innovation with modern technology, and comprehensively promote the digital transformation and upgrading of the economy and society.

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