Digital technologies have come to characterize the new era in development. Data are an even more significant factor of production now than in the past for socioeconomic development, where information technology and data science are playing key roles. The digital economy not only promotes the transformation and upgrade of traditional industries, accelerates the rise of emerging industries and changes lifestyles, but also helps reorganize the global factors of production, reshaping the global economic structure and changing the global competition landscape.
However, huge challenges also exist, as many key technologies of the digital economy, such as high-end chips, industrial software, core components and algorithms, are controlled by some developed countries. That’s because, with the effect of economies of scale, the government should play its role as a third party to define and protect property rights.
