China's digital economy: politics, opportunities and challenges

The digital economy in China occupies a dominant economic power as a result of many years of development. The digital economy is an important component of national strategic development, as a result, the development of a phased roadmap and an impetus for the economic development of the entire system. Thus, China is finding ways to develop the industry in a healthy way by introducing measures that take into account the characteristics of the national economy. In this article, we will look at China's desire to develop the digital economy, the country's opportunities, as well as challenges for foreign companies. China's potential in the digital economy in recent decades has demonstrated high competitiveness. The article also notes the growth in the share of the digital economy in the national GDP, which has doubled for 10 years. For the country, the digital economy is an important component of long-term strategic development, in particular, a plan has been developed that outlines the tasks to expand production capabilities in “strategic areas”, for example, in promoting 6G technologies. China is characterized by expanding the boundaries of mobile payments, which are developing faster than in any other country. It may take some time to form a digital yuan ecosystem as technology advances and the digital economy penetrates all areas of life. China has actively sought to cooperate with the international community to promote digital trade and governance. The digital economy is not only changing the Chinese economy, but also creating business opportunities for foreign companies.

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