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Tuesday, December 5, 2023

China Launches Chongqing Digital Economy Innovation Park, Aiming to Lead Global Digitalization

BusinessChina Launches Chongqing Digital Economy Innovation Park, Aiming to Lead Global Digitalization

The Chongqing Digital Economy Innovation Park, China’s first large-scale industrial project in the digital economy, was officially inaugurated on Saturday, marking a significant milestone in the country’s ongoing efforts to advance its digital development. Located in Chongqing’s Liangjiang New Area, the park covers a planned area of 30 square kilometers and has already secured agreements with 50 key enterprises, including China Electronics Data Service Co, Jointown Pharmaceutical Group, Zhuhai Orbita Aerospace Science and Technology Co, and Sai MicroElectronics Inc, who will participate in various data-related innovation projects.

The park is expected to play a crucial role in developing the digital economy and satellite internet industrial clusters, with overall revenues projected to reach 100 billion yuan ($14.5 billion) by 2029 and potentially surpassing trillions of yuan by 2032. Cheng Wendi, deputy secretary of the Chongqing Liangjiang New Area Party Work Committee, emphasized that the park is an important platform and carrier for this purpose.

The chairman of the park, Yang Chunzhi, highlighted the industry cultivation mode they have created, including funding and policy support, to better achieve the park’s development goals. The event also featured Don Tapscott, CEO of the Tapscott Group, who discussed the future of digitalization and the growing importance of digital assets and citizens’ sovereign identity.

To attract top talent in related fields and promote industrial clusters, a 10-billion-yuan industrial fund has been established by the park. This fund will play a significant role in achieving the park’s ambitious goals and enhancing China’s digital economy.

Overall, the launch of the Chongqing Digital Economy Innovation Park marks a significant step forward for China’s digital development, providing a vital platform for innovation and growth in the digital economy and satellite internet industrial clusters. It is a clear sign that China is continuing to make significant investments in its digital future, with an eye on staying ahead of the curve in the rapidly-evolving digital landscape.

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