Value Transformation Brought About by Integration of Digital Economy and Traditional Industries

Recently, the Boao Forum for Asia Annual Conference 2018 had taken place in Boao, Hainan Province, China. In the afternoon of April 9, a sub-forum titled “The Value of Wisdom” sponsored by China Net+, was held and representatives from all over the world had made extensive and in-depth discussions on the digital economy. The development of digital economy is garnering attention across the globe due to the significant changes in production factors of the current social and economic activities, which results in data becoming a new and the most important factor in production. The digital economy based on data has become a new form of economic and social development, forming a new driving force, reshaping the structure of economic development, and profoundly changing production and lifestyle.

 

Digital Economy: A New Driving Force

As an emerging economic trend, digital economy is carried out through cloud computing, big data, artificial intelligence, Internet of Things, blockchain, mobile internet and other information and communication technologies. Based on the innovation and integration of information and communication technologies, digital economy drives the changes in social production modes and the improvement of production efficiency. In addition, digital economy has proven to be of great significance to the transformation in methods employed in communication, organization, production and lifestyle of social and economic activities today. The main reasons are as follows:

Firstly, data has become a new key factor in production. In the era of digital economy, everything is interconnected, and all activities and actions in all walks of life will be data-oriented. Unlike the restrictive conditions in the past, people are now able to collect, organize, process and analyze the data through the Internet, Internet of Things, big data and other technologies. The value of data begins to emerge and circulate, raising the “gold content” and bringing a new round of added value for numerous industries.

Secondly, information and communication technologies provide the driving force for innovation. Digital economy based on information technology is breaking through the traditional supply & demand mode as well as the existing economic final conclusion. It is creating a more inclusive, more shareable economic ecology with open sources and promoting development at a higher level of quality. For example, smart street lighting, smart elevators, smart logistics, smart homes and other awe-inspiring applications based on IoT technology have injected considerable innovation power into the economic life.

Thirdly, digital economy promotes industrial integration. Digital economy is not independent of the traditional industries. On the other hand, digital economy emphasizes the integration with traditional industries on a win-win basis to realize value increment. The integration of digital economy into traditional industries is mainly reflected the integration of production modes, products, services, competition regulations and industries. The development of digital economy through integration with and infiltration into every walk of life shall accelerate the construction of a new economic paradigm, change the actual economic structure and improve production efficiency.

Digital Economy + Traditional Industries: Integration Drives Value Transformation

At present, digitized knowledge and information are forming the main productive forces of the society, and the collision and integration of the digital economy with traditional industries on such a basis will thoroughly complete the remodeling of traditional industries, drive value transformation, gradually form a new generation of intelligent industries, and become the new pillar for the national economy. Currently, the digital economy is showing a trend of rapid integration with traditional industries including primary, secondary and tertiary industries. Moreover, digital economy is also exhibiting an increasingly apparent trend of integration with numerous fields including culture, education, health, sports, science & technology etc.

At the sub-forum on digital economy titled “The Value of Wisdom”, Miao Bulin, CEO of BEIJING CNLIVE CULTURE MEDIA INC., Lin Ning, founder & CEO of Weiying, Gao Dongliang, president of Yunchuang Angel Technology, Liu Dahong, founder of Lingzhu Technology, Wu Peng, founder of Qiyin Technology, Ren Feng, initiator of Digital Economy Collaboration Innovation Laboratory (DECIL), promoted the digital economy along with other digital economy pioneers.

During the forum, guest speakers commented that the digital economy system shall be made up of a consensus layer, application layer, perception layer and execution layer. The basis of value of the digital economy entity was community collaboration and they stated that the key elements of the community were “perseverance and common value”. Furthermore, the guest speakers added that our culture had provided a “fertile soil” which had been conducive to the condensation of digital assets into IPs and had facilitated our entry into global trade e-commerce, film & TV industry and other industries. In the current tide of digital economy, our common culture is invaluable as the driving and binding forces for mutual development.

Using the field of global trade e-commerce as an example, technologies like blockchain, big data, artificial intelligence, and Internet of Things have effectively resolved the credit problems of all trade parties, while the intelligent contracts based on the consensus of trade parties had significantly improved transaction efficiency and rapidly reduced transaction costs at the same time. These advancements promoted the collaborative and comprehensive development of global trade. In the film & TV industry, it is now possible to perform distributed authentication, bookkeeping and profit allocation for various types of IP within the digital economy, which include but are not limited to film and television, media, art, games etc. Such improvements realize the distribution of information to the entire online community, hence constituting sizeable market and output values.

Digital Economy shall become an Accelerator

The sub-forum titled “Digital Economy: Value of Wisdom” during the BFA Annual Conference 2018 had been hailed as a success for the extensive contribution of insights into the future development of China’s digital economy. Alongside the growing integration of digital economy into all walks of life in our country, China’s digital economy looks set to reach greater heights.

In addition to the industries discussed by the above-mentioned guests, digital  economy is also in the process of integrating with the fields of education, medical, sports etc. Therefore, digital economy has morphed into an accelerator that propels changes in economic structure, efficiency and driving forces.

This sub-forum had been organized by BEIJING CNLIVE CULTURE MEDIA INC., Boao Asian Cultural Media Co., Ltd., and Shenzhen Bay Venture Capital Investment Limited in cooperation with Beijing Yunchuang Angel Technology Limited, Shanghai Qiyin Technology Limited, Beijing Lingzhu Technology Limited, and Beijing Weying Technology Co.,Ltd.

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