Digital China a crucial engine to advance Chinese modernization: Experts

(ECNS) -- Digitalizing China is a crucial engine to advance the Chinese modernization, experts said at a forum held during the CNS Frontiers in Finance and Economics Conference Mid-2023 hosted by China News Service and organized by China News Network in Beijing on Thursday.

They believe that digital technologies are profoundly transforming lifestyle, which necessitates the deep integration of the digital economy and real economy, and facilitates its development.

Dong Yu, executive vice dean of the China Institute for Development Planning at Tsinghua University, pointed to the importance of infrastructure construction and data development. He urged the acceleration of R&D of core digital technologies while maintainance of data security. He further noted the essential role of domestic data governance systems and enhanced global cooperation.

An Xiaopeng, vice president of the Alibaba Research Institute, believes that the essence of digital transformation lies in resolving the uncertainties of complex systems through the automatic flow of data in a world defined by data and algorithms. He said this process aims to optimize resource allocation efficiency and enhance the core competitiveness of enterprises.

Digital transformation will not only enhance social efficiency but also improve the business experience for individuals, said Chen Yaxin, deputy director of the Marketing Department of Huawei China Industry. It will also drive the demand for the construction of network infrastructure represented by 5G and computational infrastructure represented by cloud and AI, he said.

Zhu Taihui, deputy director of the Institute of Economic Development at JD.com, pointed out that the comprehensive promotion of integration through digital transformation adds momentum to high-quality development. Digital transformation enables the more extensive and efficient allocation of production factors, expands the boundaries of the entire market, and significantly reduces transaction costs through market-oriented approaches, he said.

AI promotes high-quality integrated development of digital economy and real economy

Tencent Research Institute's Vice President Wang Aimin believes that digital technology has become a new engine for economic and social development. Deep integration of digital technology and real economy in social production and daily life has sparked transformative changes in industries, becoming a new driving force for leading high-quality development, he said.

"AI is beneficial for the development of the entire physical economy," said Chen Chen, director of Baidu Legal Research Center, adding that the legislation for AI-related laws has been put on the agenda. It is important to establish regulations and introduce relevant laws before promoting AI’s development further.

Yang Yongheng, vice dean of the China Institute for Development Planning at Tsinghua University and professor at the School of Public Administration, said that digital technology has moved beyond quantitative accumulation and entered a qualitative leap, bringing about profound changes in social and cultural forms. In his view, it is important to establish a sound cultural ecosystem. Development must go hand in hand with regulation, ensuring that it can be sustainable in the long term.