China's data industry is expected to achieve an average compound annual growth rate of more than 15 percent by 2029, positioning itself as a new growth engine for the country's digital economy, the National Data Administration said on Tuesday.
The growth target came in the wake of new policy guidelines issued by the central authorities to develop trusted data matrixes, help enterprises better leverage data resources, and promote high-quality growth in the data industry. These initiatives, launched in late November and early December, are designed to optimize the use of existing resources for deeper industrial transformation while injecting new momentum into the growth of digital economy.
"By 2029, the size of the data industry is expected to achieve an average compound annual growth of more than 15 percent. The sector is not only a focus of industrial transformation, but also a fertile ground for nurturing future industries. We will focus on promoting the integrated development of the data industry with data-intensive sectors including unmanned vehicles, embodied intelligence, and low-altitude economy, and accelerating technological innovation in digital-intelligence fusion to seize the initiative in development," Chen Ronghui, deputy head of the National Data Administration, told a press conference in Beijing.
As part of the efforts, the central government plans to establish at least 100 data matrixes solutions and optimal practices by 2028, which are expected to drive infrastructure investment expansion.
More policy support will be put in place to address the specific needs of data enterprises, Chen said.
"We will introduce more investment and financing policies to meet the requirements from data enterprises for policy guidance and support. The goal is to cultivate a group of enterprises in data resources, data technology, data services, data applications, data security, and data infrastructure, thereby stimulating innovation and vitality in the industry. In addition, we will also promote the efficient circulation and use of data, and lower data usage costs for small and medium-sized enterprises to ensure that they benefit most from data resources development and utilization," said Chen.
China aims to annually achieve at least 15 pct data industry growth by 2029
China's consumer market is buzzing in the new year with a wave of new consumption scenarios and emerging business models which are catering to the public demand for more diverse experiences.
The New Year's Day holiday in China on Wednesday helped spur a consumption and travel boom, as many headed out to do some shopping or enjoy other leisure activities to start the year in style. Data shows that 60 major shopping areas in Beijing recorded a passenger flow of over 8 million, marking a nearly 8 percent increase over the previous year.
In addition, the total single day consumption value in the populous Chongqing Municipality of southwest China exceeded 6.5 billion yuan (around 880 million U.S. dollars) on Wednesday, while hotel bookings in several popular cities during New Year's Eve also saw an 1.1-fold year on year increase.
Up and down the country, streets were busy as many headed out to enjoy the first day of 2025. The first-ever commercial complex set up in a rural township of the Wenshan Zhuang and Miao Autonomous Prefecture in southwest China's Yunnan Province was bustling with visitors during the New Year season.
The complex in Xingjie Town has numerous themed streets and smart grocery markets, becoming a convenient one-stop shopping center for local residents. This development brings also fresh economic opportunities for the town's farmers to sell their fresh produce, and serves as a new platform for consumption in rural areas of the prefecture.
"Our life has become much more convenient thanks to this complex. Now, everything we need is right at our doorstep with a large variety of choices," said Wu Yutian, a local resident in Xingjie Town.
In China's financial hub Shanghai, many shopping malls are embracing the relatively new concept of the "debut economy," which refers to a range of economic activities involving the launch of new products, businesses, services, or technologies, as well as new store openings.
The city has transformed traditional shopping centers into more dynamic hubs of innovation by building grander complexes that feature flagship stores, premier events, and exclusive exhibitions.
The move aims to position Shanghai as a leader in setting fashion trends and defining consumer preferences in China, according to a local official. "Through cultivating the 'debut economy,' we hope to allow more Shanghai brands to lead fashion trends in the building of an international consumption center city," said Liu Min, deputy director of the Shanghai Municipal Commission of Commerce.
In central China's Hubei Province, some shopping centers have introduced a host of immersive light exhibitions, enhancing the shopping experience with a captivating series of cutting-edge visual effects.
In the eastern Fujian Province, the picturesque Hua'an County is leveraging its local fishing industry by developing a unique blend of homestays and cultural experiences. Such innovations have been complemented by the launch of over 50 cultural and tourism activities, attracting a surge of visitors from across the country to enjoy the local flavors. "Stepping out of the hotel, I can try delicious food and experience local customs. It's such a delightful experience," said tourist Jiang Yuhan.
With the skiing season in full swing in China's northern regions, a host of tailored features such as ski equipment storage along with special photography services have been introduced and refined to enhance the traveling experience for visitors.
Diversified scenarios, business models fuel consumption boom across China in new year
