Chinese yuan. Photo: iStock

The National Development and Reform Commission recently signed a cooperation agreement with the National Development Bank to support the growth of the digital economy, with plans to invest 100 billion yuan (US$14.6 billion) over the next five years to support the sector and promote the construction of big data, Internet of Things, cloud computing and new smart cities, Securities Daily reported.

The 2018 Global Digital Economy Development Index report shows that China is sitting in second place in the world, following the United States.

However, China ranks first in the world in terms of digital consumers. By the end of last year, the number of Chinese netizens reached 772 million. In the United States, it took 14 years for e-commerce users to reach the penetration rate of 50%, while in China it took only nine years.

Insiders believe that China has formed a huge market and a solid foundation for the development of the digital economy, with huge potential in its future development.

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now.