Digital economy China’s major 2022 growth driver, Beijing to seize opportunity
The internet-based economy in China contributed to over 90% of the overall growth of new economic engines last year.
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Posted 8/22/2023, 1:00:10 PM
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China's previous economic model of investing in infrastructure and manufacturing led to a period of rapid growth and global export success.
China's post-pandemic economic recovery has fueled growth in the internet sector, including e-commerce, ride-hailing, and online travel, with the number of internet users reaching 1.08 billion and online retail sales reaching 7.16 trillion yuan in the first half of 2023, according to a government survey.
China's largest online travel agency, Trip.com, expects to achieve annual growth of 15-20% in the next three to five years, despite concerns of a stalled national economy, as the demand for leisure travel remains strong among local tourists and pent-up travel demand is not expected to be short-lived.