By Xinyi Li, EDITOR
The digital economy is based on digital knowledge and information as the key production factor, with digital technology innovation as the core driving force, modern information network as an important carrier. Through the deep integration of digital technology and the real economy, the digital economy continuously improves the digitalization and intelligence of traditional industries, accelerates the reconstruction of a new economic form of economic development and government administration.
2018 Evaluation Report conducted a specific survey regarding Chongqing foreign-invested enterprises’ needs and view-sight on the digital economy, in order to understand the following four aspects:
Based on the survey, 28% of respondents indicated the main characteristics of the digital economy is industrial integration, promoting economic development and technological innovation. 22% and 18% of respondents indicated that data will become a new essential production factor and inter-industry and cross-region competition will become a trend.
79% of respondents kept a positive view of the development of the digital economy. They believed that Chinese digital economy technology has provided a strong momentum to the development of new business.
46% of respondents indicated that the main challenge facing the digital economy is how to further integrate the digital economy and real economy, allowing them to complement each other and develop together. 35% of the respondents had concerns about information security issues. Some respondents also indicated that the lack of relevant talents, the high integration cost, and others cost are becoming more and more serious issues.
Regarding the strongest barrier to the application of the digital economy, 33% of the respondents indicated that the investment cost is high, which mainly reflects in the following aspects: the investment of the digital economy is unique and the conversion cost is high; the investment cycle for additional informatization is long with slow effect; the cost and risk of trial-and-error cost and trial-and-error risk are beyond the capacity of the enterprise. 25% of the respondents indicated that another big resistance is high technology difficulty because of the high barriers to entry and the difficulty of application in some areas.
45% of respondents indicated that the decrease in information retrieving cost is the greatest benefit derived from the digital economy. 34% and 20% indicated that reducing resource matching costs and capital specificity costs are another two key benefit, which could make business operations more efficient.
Regarding the concerned factors and requirements of the digital economy, the respondents focused on the following aspects:
Digital Economy in Chongqing2018 China “Internet Plus” & Digital Economy Summit was held in Chongqing on April 12, 2018. Chongqing has been selected as the location of the summit mainly because of its strong representativeness in the process of digitization in China.
According to China “Internet Plus” Index Report (2018) released by the conference, Chongqing is rewarded as No. 7 of the top ten digital cities, one of the top ten subdivided industries of the digital industry, No. 1 of the list in the digital social index.
At the beginning of 2018, the government of Chongqing Liangjiang New Area mentioned in the "Implementation Plan for Smart Liangjiang Development" that it will promote the development of Chongqing Digital Economy Industrial Parks and form a smart city demonstration landmark. This was the first time that Chongqing clearly proposed the concept of "Digital Economy Industrial Park".
The respondents indicated that their access to digitization policies and the information is mainly from the media, then from the communication with counterparts while only less information gets from the government and service institution.
Due to the limited access to digital economy information, most of the respondents were not clear about the development of the digital economy as well as the relevant policy support. Only 1% of respondents indicated that they were familiar with the relevant policies and regulations. 59% of respondents indicated that they knew little, while 36% of respondents indicated that they were not aware of digital economy policies but wish to know.
Most of the respondents indicated that they have rare knowledge about digital economy policy implications, and some of the policy content needs to be consulted with professional departments.
It is suggested that the Chongqing government, together with relevant departments, enhance the promotion of preferential policies of the digital economy, to assist more enterprises to know about the digital economy, with a view to accelerating innovation-driven development led by big data intelligence.
It is suggested that for the effective combination of digital economy and the real economy, the government organizes relevant seminars regularly, unites with technology companies and universities, integrates intellectual resources, aggregates technological innovation resources, promotes the integration of digital and physical resources, and help enterprises to develop better and faster.
The first Smart China Expo was held in Chongqing International Expo Center from August 23 to August 25, 2018. The theme of the first Smart China Expo is "Intelligence: Enabling the Economy and Enriching the Life". It located itself in "International Brand, National Standard, and Professional Event". Through “Meeting", "Exhibition", "Competition" and "Series Activities", it built a platform for communication and cooperation, gathering industry event, frontier exhibition, road show, communication seminar and smart experience for relevant industry organizations, enterprises, experts and scholars of the global intelligent industry.
In recent years, digital economic industries such as big data, intelligence, environmental protection, Internet of Things and some leading companies with broad connections to the digital economy have established in Chongqing.
Develop intelligent industrial clusters, improve the precision of urban governance with intelligent assistance, realize intelligent manufacturing through the Internet of Things, establish Mayor’s Office of Data Analysis is the development plan of Chongqing's future digital economy.
Most of the respondents did not establish the digital economy department, and only 6% of respondents established digital economy departments such as the information technology department, the big data risk control department as well as the research and development department.
21% of respondents indicated that they have embarked on investment and application in the digital economy.
Regarding the applicable sector for the digital economy, the top three are (1) marketing management (accounted for 26%), (2) financial management (accounted for 18%) and (3) production management (accounted for 18%).
In the process of digitization, 31% of respondents preferred the analysis and application of big data. Besides, other advanced digital technologies, such as cloud computing, Internet of Things, artificial intelligence and robotic process automation are also under consideration.
Some of the respondents indicated that the government could provide policy support for the digital economy, establish an information security mechanism, and improve relevant laws and regulations. The government could also provide financial and tax support for the digital economy, implement direct awarding policies such as returns and incentives to the enterprises' input of digital economy, or reduce taxes and fees for corresponding investments, and encourage enterprises to increase investment in the digital economy.
Some of the respondents suggested that in order to improve work efficiency and avoid wasting resources, the government could upgrade its digital capabilities, provide online services, support online processing, standardize service process.
Source: Chongqing Association of Enterprises with Foreign Investment
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