Blockchain, Economy

China’s Silicon Hub aiming higher for IOT and Cybertech

According to China’s local news agency, Xinhua News, Beijing’s Zhongguancun, China’s version of Silicon Valley, is eyeing new digital financial growth in its roadmap for the next five years.

By 2025, the total revenue of the digital economy in Zhongguancun Science Park is anticipated to surpass 6 trillion yuan (approximately $917 billion), with an average annual growth rate of no less than 15 percent, according to a digital economy roadmap released by the Zhongguancun park’s management committee.

From January to October this year, the Zhongguancun digital economy’s revenue grew by 16.3 percent year on year to reach 2.56 trillion yuan, with new developments in internet applications for medical services, education, and offices.

The hub aims for breakthroughs in core and applicable technology, fostering strong enterprises in the digital economy and supporting industrial innovation.

It will additionally boost innovation in and the application of AI, big data, blockchain, and the Internet of Things. It will advance the integration of the digital economy and the real economy.

According to the country’s central bank, China’s financial sector has preliminarily established a platform for cybersecurity situation sensing and information sharing.

The People’s Bank of China (PBOC) assembled a meeting to demonstrate the platform earlier this month. The platform is expected to bring 408 institutions together to fight cybersecurity threats.

Organized by the PBOC, the platform’s construction has been undertaken by the Industrial and Commercial Bank of China (ICBC) in collaboration with the China Construction Bank and other financial institutions.

According to the deputy governor of the PBOC, Fan Yifei,

“It is a significant cybersecurity infrastructure for the financial sector, and more applications will be made to enhance the quality of data submissions from financial institutions, fascinate more companies to join, and heighten the interest in sharing of information and services by those in or out of the sector to approach cybersecurity threats.”

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