China’s digital economy reached new heights in 2023, with core sectors generating a remarkable 48.45 trillion yuan (approximately $6.74 trillion) in annual revenue, according to the fifth national economic census released by the National Bureau of Statistics on Thursday.
The report highlighted that as of the end of 2023, China had 2.92 million corporate enterprises operating within the core industries of the digital economy. These industries employed a total of 36.16 million people, underscoring the significant role of the digital sector in the nation’s employment landscape.
Core industries of the digital economy encompass economic activities that provide digital technologies, products, services, infrastructure, and solutions essential for the digital transformation of various industries. They also include sectors entirely dependent on digital technologies and data elements.
Among these enterprises, 262,000 were engaged in digital product manufacturing, contributing to the production of cutting-edge hardware and devices. The digital product services sector comprised 274,000 firms, delivering a range of digital services and support. The digital technology application industry, the largest segment with 1.43 million enterprises, focused on integrating digital technologies across different sectors. Additionally, 950,000 enterprises were identified in industries driven by digital factors, indicating a complete reliance on digital technologies for their operations.
Employment within these sectors reflected their respective scales. Digital technology application firms employed 14.61 million individuals, making it the largest employer among the core digital industries. This was followed by digital product manufacturing firms with 13.37 million employees. Industries driven by digital factors and the digital product services sector employed 6.66 million and 1.52 million people, respectively.
In terms of revenue, digital product manufacturing enterprises led the way in 2023, recording the highest business revenue of 20.48 trillion yuan. Digital technology application firms generated 14.04 trillion yuan, while industries driven by digital factors reported 9.74 trillion yuan in revenue. The digital product services sector contributed 4.18 trillion yuan to the total revenue.
The robust performance of China’s digital economy in 2023 underscores the sector’s critical role in the country’s overall economic growth and its ongoing digital transformation efforts. With a substantial number of enterprises and a significant workforce engaged in core digital industries, China continues to solidify its position as a global leader in digital innovation and economic development.
