Zhang Ling, deputy mayor of Tianjin, delivers a speech at the forum. [Photo provided to chinadaily.com.cn]

Li explained that the digital economy is fundamentally a market-driven process centered around data, encompassing the entire industrial chain of data generation, processing, storage, and application.

According to the Digital China Development Report (2024), the digital economy now contributes over 40 percent to China's GDP, with core digital industries accounting for around 10 percent.

"The entire digital economy industry is driving the country's economic growth," Li said. He highlighted that the development of AI technology and the widespread adoption of 5G have provided explosive growth opportunities.

"Although China started developing its digital economy relatively late, it is not lagging behind globally, mainly due to China's rich application scenarios and comprehensive industrial chain," he said.