Digital path to economic transformation

Thanks to its rapid development over the past few years, digital economy has become a new driver for China's economic transformation and upgrading. For instance, the proportion of the service sector in GDP crossed 50 percent in 2015 and jumped to 54.1 percent in the first half of 2016, contributing 59.7 percent to economic growth.

Digital economy is also facilitating the transformation and upgrading of China's traditional industries. The application of new equipment and new technologies such as industrial robots, 3D printers, drones and other artificial intelligence is gaining momentum, and the application of big data, cloud computing and internet of things continues to expand.

Many Chinese companies such as Huawei and Gree have climbed up to the mid or high levels of the global industrial chain while seven, including Tencent, Alibaba and Baidu, are among the world's top 20 internet enterprises.