China's Digital Economy Reshapes Global Landscape, Experts Discuss Influence at World Economic Forum

DAVOS – Chinese economist Keyu Jin, speaking at the World Economic Forum, highlighted China's significant economic transformation, noting that 40% of its GDP now originates from the digital economy, a substantial increase from its traditional manufacturing base. This figure contrasts sharply with just 10% in the United States, according to Jin. Jin emphasized China's proactive role in new technologies, particularly electric vehicles (EVs) and solar panels, stating that the country began investing in these sectors much earlier than many Western economies. She pointed out that China is actively establishing battery and EV platform factories across Europe, leveraging its technological advancements. "The table has completely flipped," Jin remarked, referring to China's growing technological leadership. Another panelist underscored China's indispensable role in the global economy, noting that even a projected 5% growth this year would contribute more to global GDP than the combined economies of India, Indonesia, and Japan. The discussion also covered the 'China plus one' strategy, which aims to diversify global supply chains away from China. However, experts highlighted that China's contribution to these value chains remains substantial, with significant Chinese business and manufacturing value-add even in exports from regions like ASEAN and Mexico to the US. Furthermore, the panel addressed China's expanding influence in the Global South, citing the expansion of BRICS membership and increasing trade and technology partnerships between China and nations in Latin America, Africa, and the Middle East. This growing collaboration, particularly in AI and digital solutions, presents new avenues for growth for Chinese businesses worldwide.

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