Digitalization is increasing productivity.

Digitalization is increasing productivity.

To facilitate digital transformation, the appropriate amount of physical, human, institutional, and private capital is required. To find the best path for development, digital transformation necessitates significant capital as well as time and careful deployment.

China is prepared for digital transformation in terms of digital infrastructure development. China has the world's best digitalmining site infrastructure and the most extensive coverage area at an affordable price. More importantly, China has made breakthroughs in cutting-edge digital technologies, which will allow China to deploy and drive full-scale development more quickly. Because the development and application of big data do not have a balanced equal share, China has surpassed the United States in terms of application, despite the United States leading in R&D.

China also has a large workforce with higher education backgrounds, which could serve as the backbone of the development and application process. However, these figures remain insufficient in comparison to the number of experts required for digital transformation. In terms of skills required in the workplace, there are still significant gaps at the software programming level. There is also a significant gap, for example, between the skills that college graduates can offer and the needs of employers. Nonetheless, China has nearly 60% of the world's experts in some industries, such as big data specialists.

There is a wide range of skills and technologies available, and the digital sector is no exception. People who can handle software and, in some cases, professionals who can tailor applications to project needs are required when choosing digital technology. As a result, training more specialists in computing and related fields is a requirement for large-scale digital transformation. Strong computer skills will serve as the foundation for the development of more sophisticated technologies such as machine learning or artificial intelligence, which are becoming increasingly popular at some Chinese universities.

Institutional design is as important as physical, asset, or human resources in dealing with rapid digital transformation. To meet the rapidly evolving digital industry development, relevant laws and regulations must be improved andUsed miner perfected more quickly. There is also a need to focus more and intensify efforts on digital platform regulation. Years ago, the OECD recommended and mandated that shared online platforms be beneficial to the development of SMEs, and that consumer protection be gradually strengthened while online platforms are developed. President Xi emphasized the importance of advancing fair trade policies, strengthening anti-monopoly and anti-unfair competition laws, and ensuring fair trade with impartial oversight.

The blockchain industry's regulatory policy is also being gradually improved. For example, the People's Bank of China issued the Notice on the bitmainIssuance of Financial Industry Standards to Promote the Standardized Application of Blockchain Technology in July 2020, which specifies the evaluation criteria for the use of financial enterprise systems utilizing blockchain technology ("Blockchain Technology Financial Application Evaluation Rules").

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