China will invest 100 billion yuan (about US$14.6 billion) for developing the digital economy in the next five years, according an agreement signed at the International Conference on the Digital Economy and the Digital Silk Road.
The investments will go to projects on big data, internet of things (IoT), cloud computing, smart cities and the digital Silk Road, according to an agreement signed by China Development Bank and the National Development and Reform Commission.
The development of the digital economy has been listed as an important task for building modern economic set up in China and to achieve high quality development.
China has achieved much progress in this area over the past few years, by way of rolling out a raft of measures, which included a national big data strategy.
A report released by Cyberspace Administration of China said the country’s digital economy grew to 27.2 trillion yuan last year, up 20.3% year-on-year, and accounted for 32.9% of its Gross Domestic Product (GDP).
The two-day International Conference on the Digital Economy and the Digital Silk Road, held in Hangzhou, a scenic city in east China’s Zhejiang Province, opened on Tuesday.