Understanding the digital economy in China: Characteristics, challenges, and prospects
Terence Tai‐Leung Chong, Sizhu Wang, Ce Zhang
Abstract
This paper explores the distinct characteristics of China’s digital economy during its rapid growth over the past decade and sheds light on the transformative impact that the digital economy has had on the Chinese society. The findings reveal that China’s digital economy has experienced remarkable expansion in recent decades, driven by the convenience and efficiency it has brought about. Notable achievements include the development of robust digital infrastructure, the emergence of innovative digital finance, and the rapid growth of central bank digital currency. Throughout this digitalisation process, the government has played a pivotal role in driving and regulating the digital economy. Recognising the significance of digital transformation, the government has actively engaged in shaping policies and providing regulatory frameworks to foster a conducive environment for digital advancements and market regulation.