Data-Empowered High-QualityEconomic Development: Mechanismsand Pathways

Xia Jiechang1*, Zheng Hao2, Zhang Yajun3

1 National Academy of Economic Strategy (NAES), Chinese Academy of Social Sciences, Beijing, China

2 China Development Bank, Beijing Branch, Beijing

3 Business School, University of the Chinese Academy of Social Sciences (UCASS), Beijing

Abstract: To achieve high-quality economic development, it is imperative to prioritizethe real economy and foster new factors for economic growth. Data, as a new factor ofproduction, plays a pivotal role in facilitating the seamless integration between digitaltechnology and the real economy. It possesses inherent attributes and techno-economiccharacteristics that enable the extraction of value across various processes, includingproduction, transaction, consumption, and regulatory supervision. The integrationwith digital technology enhances the productivity and efficiency of the real economy byfacilitating service sector digitalization, accelerating the growth of the new real economy,and supporting the virtual economy in its role of serving the real economy. At present,unleashing the value of data is hindered by inadequate fundamental systems for the data,a lack of activity in the transaction market, and the underutilization of the data as a factorof production by enterprises in the real economy. Therefore, it is advised that data be fullyutilized to develop the real economy through the four-pronged approach of “enhancingsupport for the high-quality provision of the data, expediting the integration of the datainto the real economy, promoting the high-quality development of the real economy, andenhancing public service and governance systems”.

Keywords: Real economy, data, digital economy, high-quality development

JEL Classification Code: L86

DOI: 10.19602/j.chinaeconomist.2024.05.03