BUSINESS China's ICT market expected to further expand in 2021

BUSINESS

China's ICT market expected to further expand in 2021

Xinhua

19:37, November 10, 2020

China's information and communication technology (ICT) sector will continue to expand in 2021, according to an industrial report.

Aerial photo taken on April 15, 2020 shows people working at the construction site of a 5G base station in Chongqing, southwest China. (Photo: Xinhua)

The market is expected to reach 711.1 billion U.S. dollars in 2021, up 9.3 percent from 2020, according to the global market intelligence firm International Data Corporation (IDC).

China's expenditure on digital transformation is estimated to reach 1.5 trillion U.S. dollars in the 2021-2024 period, with an average annual growth rate of 17 percent, the IDC said.

As of 2025, the digital economy is expected to account for 70 percent of the country's gross domestic product (GDP), boosted by the new infrastructure, dual-circulation and technological self-reliance strategies.


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