2021-12-17T12:18:00+02:00 China 2023-03-15T05:18:15+02:00

Ukrainian news

Ukrainian news

China releases development plan for big data industry

China releases development plan for big data industry

China unveiled a development plan for the big data industry during the 14th Five-Year Plan period (2021-2025), according to The Xinhua News Agency reports.

The scale of the country's big data industry will likely exceed 3 trillion yuan (about $470 billion) by the end of 2025, with a compound annual growth rate of around 25 percent, the Ministry of Industry and Information Technology (MIIT) said.

A market-oriented pricing mechanism for data as a key factor of production will be established by then, the MIIT said, adding that it would raise the social awareness of big data and incentivize advanced big data-powered products and services.

China's big data sector saw rapid development during the past five years, with the scale exceeding 1 trillion yuan by 2020, showed MIIT data.