Photo: iStock
Photo: iStock

China’s information consumption reached 4.5 trillion yuan (US$660 million) in 2017, and if it continues to grow at this rate, it’s fully expected to hit 6 trillion yuan by 2020, Economic Daily reported.

Information consumption refers to the sum of expenditures that residents or governments spend to purchase information products that satisfy individual or public needs, such as learning English online, ordering food delivery, ride-hailing and bike-sharing, etc.

As people can hardly live without smartphones and mobile networks, the information consumption continued to expand for the first half of this year.

The scale of domestic information consumption reached 2.3 trillion during the first six months, an increase of 15% from a year earlier and 2.2 times the GDP growth rate during the same period.

It is estimated that China’s information consumption will achieve a mass production scale of 5 trillion yuan this year, an increase of 11% year-on-year.

The Ministry of Industry and Information Technology, and the National Development and Reform Commission issued a three-year action plan in August, aiming to boost the nation’s information consumption to 6 trillion yuan, with an average annual growth rate of 11% or more. It is also expected to drive about 15 trillion yuan of related industry output.