**Interview with Shi Yewai on the Importance of Developing the Digital Economy**

**Interviewer:** Today, we’re excited to welcome Shi Yewai, a leading expert on the digital economy. To kick things off, could you explain what the digital economy encompasses?

**Shi Yewai:** Certainly! The digital economy is essentially an economic framework that places data resources at its core. It’s built on modern information networks and integrates information and communication technology. This new paradigm is driven by extensive digital transformation across all sectors. In recent years, we’ve seen unprecedented growth in the digital economy, significantly affecting global resource distribution, transforming economic structures, and reshaping competitive dynamics around the world.

**Interviewer:** That’s a great introduction. You mentioned this being a strategic move in light of technological revolutions. How is China performing in this space?

**Shi Yewai:** China has made impressive progress in its digital economy, consistently ranking second worldwide in overall scale. Core industries within this sector are growing rapidly, making it a vital contributor to high-quality development. Recently, the Third Plenary Session of the 20th Central Committee of the Communist Party announced crucial initiatives aimed at speeding up the development of systems and mechanisms to foster digital economic growth. This highlights the importance of advancing this sector for sustaining China’s long-term growth.

**Interviewer:** How does the digital economy improve resource allocation efficiency?

**Shi Yewai:** The digital economy enables the rapid mobilization of various resources, allowing businesses to collaborate more effectively. By reorganizing operational models, it eliminates barriers of time and space, fostering cross-sector development. For instance, the collection and analysis of large data sets yield insights into market trends, ensuring efficient resource use, which helps minimize consumption and environmental impact. As platform economies continue to flourish, businesses can more easily share resources, reducing operational costs and enhancing economic efficiency.

**Interviewer:** That’s really interesting! Could you elaborate on the digital economy’s role in creating a modern industrial system?

**Shi Yewai:** Absolutely. The digital economy is marked by high levels of innovation and extensive reach, acting as a key driver for the modernization of industrial structures. It enhances traditional industries by improving efficiency and quality through smart production processes and data-driven management. It also gives rise to new sectors such as e-commerce, digital finance, and telemedicine. This diversification enriches the economic landscape and promotes collaborative innovations throughout supply chains, ultimately boosting overall efficiency and competitiveness.

**Interviewer:** From a national standpoint, how does the digital economy contribute to a country’s advantages?

**Shi Yewai:** Adopting an innovation-driven development strategy is crucial for transforming our economic model and enhancing our global competitiveness. The swift evolution of the digital economy has not only led to the creation of new business models but has also encouraged collaboration across different industries and innovative synergies. By concentrating on key technological advancements within the digital realm, we can achieve greater technological independence and strengthen our competitive position globally. Looking ahead, we must improve our R&D capabilities in information technology, address critical tech challenges, and build a solid foundational support for the digital economy.

**Interviewer:** Thank you for sharing your valuable insights, Shi Yewai. It’s evident that the digital economy is playing a vital role in shaping our society.

**Shi Yewai:** Thank you for having me. The future of the digital economy is bright, and it will be crucial to maintain momentum in this sector for continued growth and advancement.