Macroeconomic and policy: digital transformation helps China’s high-quality economic development

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The central economic work conference in 2021 called for “accelerating digital transformation and promoting the upgrading of traditional industries”. In December 2021, Xiao Yaqing, Minister of industry and information technology, said at the National Conference on industry and information technology that in 2022, we will comprehensively promote strong chain supplement, technology research, digital transformation and green and low-carbon development.

Ping An View:

Digital transformation helps China’s high-quality economic development. At present, China’s economy is facing triple pressures of shrinking demand, supply shock and weakening expectation, but China’s digital transformation will not slow down because China’s promotion of digital transformation is a necessary option, not an option. In 2022, the integration of some new technologies and application scenarios will be accelerated to help China’s high-quality economic development: on the one hand, digital transformation will help energy conservation and emission reduction and form a strategic interaction with the goal of carbon peak and carbon neutral “30.60”; On the other hand, China’s urbanization is advancing in depth. Digital transformation can improve the practicability, inclusiveness and public welfare of smart cities, and make the construction achievements of smart cities benefit more groups, which is also the due meaning of helping to achieve “common prosperity”. Focusing on the short term, smart city construction will also drive new infrastructure investment.

Give play to the leading role of “vanguard” in digital transformation. Digital transformation is a long-term process, which needs to play the leading role of state-owned enterprises and high-tech enterprises to lead a wider range of enterprise digital transformation. In terms of state-owned enterprises, SASAC printed and distributed the notice on accelerating the digital transformation of state-owned enterprises, which made it clear that the number one responsibility system for digital transformation should be implemented, and there should be a special person in charge in the leading group. After the issuance of the document, the digital transformation of state-owned enterprises began to accelerate, but the whole is still in the initial stage or early stage of transformation. From the current difficulties faced by the digital transformation of state-owned enterprises, we need to start from the following two aspects in order to give better play to their main force role: first, cultivate the awareness of digital transformation within state-owned enterprises and strive to solve the problems of internal coordination; Second, the digitization level of most state-owned enterprises is weak, and suppliers need to provide whole process solutions, which requires enterprises to put forward scientific needs. In terms of high-tech enterprises, they actively seek cooperation with the chain owner enterprises at the core of the industrial chain to promote the digital transformation of the whole chain enterprises from point to area. In addition, in the process of enterprise digital transformation, the model and experience of Internet enterprises can also be used for reference and application.

Digital transformation should not be “too hasty”, but “make progress in stability”. Digital transformation is conducive to the high-quality development of China’s economy, but in the process of transformation, we need to take into account the government and market, safety and efficiency, and should be promoted in an orderly manner according to the objective situation. The government focuses on moderately advanced “new infrastructure” construction, clarifying the top-level “road map” of digital transformation and cultivating relevant environment, while enterprises focus on promotion and application. Considering the medium and long-term economy, digital transformation can effectively reduce operating costs, but the problems of data security and privacy protection are still prominent, which has become the most important factor restricting digital transformation. In the follow-up, we should clarify relevant industry access, strictly implement relevant laws, and strengthen the crackdown on illegal acquisition, illegal sale and illegal provision of data. Digital transformation is the transformation of production mode. The transformation paths of different enterprises and different businesses of the same enterprise are different. It is necessary to formulate a scientific digital transformation scheme that can be dynamically adjusted according to the results according to the actual situation.

 

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