The characteristics of digitalization of China’s economy in the first decades of the 21-st century

Abstract

The article is devoted to the comprehension of formation and development of digital sector of the national economy in the People’s Republic of China in the first decades of the 21-st century. This study examined the essense of the digital economy as such, its inception and development, and the advantages, by which it supplies the world economy in the field of trade and services. The article explores the reasons, that led the transition of the Chinese State to digitalization at a later date than in the USA and other Western countries, and Japan and Korea. This study examines the beginning of the process of creating the Internet technology sector in the Chinese economy with an explanation of the factors that caused the difficulties that PRC faced at the initial stage in this area at the initial stage. The work contains an analysis of the policy of the Chinese authorities in the field of the development of high technologies in the period under study. The authors explore the causes and consequences of fundamental changes which occurred during the formation of the network component of the national economy of China in 2010-s and explain the significant successes that the People’s Republic of China has achieved in the global high-tech market, taking into account the specifics of political situation in the country and its influence on the foreign economic policy of the Celestial Empire.