China will strive to achieve an average compound annual growth rate (CAGR) of 15 percent in its data industry by 2029, according to guidelines released on Monday, which include concrete measures to promote the high-quality development of the data industry.
The CAGR target was included in guidelines released by the National Development and Reform Commission and five other departments, including the National Data Administration and the Ministry of Finance.
By 2029, the structure of the data industry will be significantly optimized, data technology innovation capabilities will achieve a globally advanced standing, and a number of internationally competitive data companies will emerge, the guidelines said.
The guidelines highlighted data technology innovation as a core focus, and called for breakthroughs in critical core technologies and enhancing innovation support capabilities.
Specifically, China will vigorously promote the coordinated development of cloud-edge computing technology, support cloud-native and other technological model innovations, and form computing service capabilities suitable for data scale aggregation, real-time analysis and intelligent applications, according to the guidelines.
The guidelines also support the construction of scientific laboratories, technology innovation centers, enterprise technology centers, and other innovation platforms in the data field, and increase support for basic research, cutting-edge technologies, and original technological innovation.
China will aim to cultivate six main categories of enterprises, including data resource companies, data technology companies, data service companies, data application companies and data security companies, according to the guidelines.
In terms of cultivating data resource enterprises, the guidelines stressed fostering several data service companies around business consulting, deal matching, compliance services, and financial services.
The guidelines came after the Central Economic Work Conference held earlier this month. The conference said that efforts should focus on adopting forward-thinking arrangements for major technological projects, carry out large-scale demonstrations of the application of new technologies, products, and scenarios, launch an AI Plus initiative, nurture industries of the future and boost China's strategic scientific and technological strength.
The market size of China's database industry exceeded 52 billion yuan ($7.28 billion) in 2023, and it is expected to reach 93.03 billion yuan by 2028, according to the Xinhua News Agency in August 2024.
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