Information consumption vital to China’s economy

Information consumption has become a new engine for China’s economy, playing a vital role in driving domestic demand, creating jobs and pushing forward industrial upgrades, People’s Daily reported.

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Information consumption has become a new engine for China’s economy, playing a vital role in driving domestic demand, creating jobs and pushing forward industrial upgrades, People’s Daily reported.

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Last year, China’s information consumption rose 11 percent year-on-year to 5 trillion yuan ($745.39 billion), accounting for 6 percent of the GDP, according to the Internet Society of China.

To further boost information consumption, the Ministry of Industry and Information Technology and the National Development and Reform Commission unveiled an action plan in August.

According to the plan, by 2020, China’s spending on information consumption is expected to be 6 trillion yuan, with average annual growth of more than 11 percent. Information technology is estimated to drive 15 trillion yuan in related consumption. (China Daily)

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