CAICT Releases the "Report on the Development of Industrial Internet Sector (2020)" and the Value-Added of This Sector Is Expected to Reach 3.1 Trillion Yuan by 2020.
China Academy of Information and Communications Technology (CAICT) recently released the "Report on the Development of Industrial Internet Sector (2020)", in which CACIT has defined the system, scope and boundary of industrial Internet sector. Building on that, CAICT has adopted a variety of econometric methodologies to develop an accounting framework for the quantitative study on the economic and social impacts of the industrial Internet in China.
Ms. Liu Duo, President of CAICT and Chairwoman of the Alliance of Industrial Internet (AII), pointed out that the Industrial Internet is the result of deep integration between new-generation information technologies and industrial sectors and represents a new industrial ecosystem, a type of critical infrastructure and new application models. It can greatly improve productivity and promote the change in production relations. Guided by national policies and with the concerted efforts of all parties concerned, China ’s industrial Internet is moving forward quickly from the advocacy stage to the landing stage and is playing an increasingly important role in boosting economic and social development. Having scientific research and judgment on the development trend of the industrial Internet sector will serve as an important reference for enterprise operation, industry development and government decision-making. With the support of many members of AII and on the basis of fully soliciting the opinions of experts from all parties, CAICT has organized the preparation of this "Report" in the hope that its release will better support government decision-making, guide the industry to accelerate the development and innovation of industrial Internet and contribute to China’s efforts to become a world manufacturing power and a world cyber power and pursue high-quality economic development.
According to the estimates of Xin Yongfei, Director of the Policy and Economic Research Institute of CAICT, the value added of China's industrial Internet sector reached 1.42 trillion yuan in 2018 and 2.13 trillion yuan in 2019 respectively, accounting for 1.5% and 2.2% of China’s GDP respectively. It is estimated that the size of China's industrial Internet sector will reach 3.1 trillion yuan by 2020, accounting for 2.9% of China’s GDP and creating about 2.55 million new jobs. The economic accounting of industrial Internet sector includes core industries and integration-driven economic impacts. As the industrial Internet is penetrating into various industries, the integration-driven economic impacts of industrial Internet accounted for 74.8% of the total industrial Internet sector in 2019. Industrial Internet will become one of the most the active areas in China’s economy.
The Report was written by a team of experts including Sun Ke, Wang Mingzhu, Jiang Xinhao, Li Mengyuan, Zheng Anqi, and Yue Yunsong. It is the first economic research report on industrial Internet sector in China, which will provide an important reference for China to capture the development trend of industrial Internet sector and assess the effect of policies and their implementation and strongly boost the development of this sector in China.