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Other CategoriesThe year 2023 is the first year to implement the spirit of the Party's 20 National Congress, and it is also a key year for China to face the impact of the epidemic for three years and restore normal economic and social operations. The Central Economic Work Conference at the end of 2022 comprehensively analyzed the opportunities and challenges facing China's economic development. The meeting held that despite the adverse situation caused by the combination of multiple factors such as demand contraction, supply shock, weakening expectations and instability in the international environment, it is necessary to see that China's economy has strong resilience, great potential and sufficient vitality, and the effects of various policies continue to appear, and the economic operation is expected to pick up in 2023. In March this year, the government work report set the GDP growth target for 2023 at around 5%. According to preliminary calculations, year-on-year GDP growth in the first three quarters was 4.5%, 6.3%, 4.9% and 5.2%, respectively, with an average growth rate of 5.2%, laying a solid foundation for achieving the expected target of around 5% for the whole year.
The digital economy is an important force driving economic growth. From the perspective of scale and volume, the current scale of China's digital economy has exceeded 50 trillion yuan, accounting for more than 40% of GDP, and the average year-on-year nominal growth of nearly 15% in the past five years, which is significantly higher than the nominal growth rate of GDP in the same period for 11 consecutive years. From the perspective of stimulating employment, according to incomplete statistics, platforms represented by wechat, Douyin, Kuaishou, Jingdong, Taobao, Meituan, and Ele. me will create about 240 million net jobs for China in 2021, which is equivalent to providing employment opportunities for about 27% of China's working-age population in that year. From the perspective of expanding consumption, in the first three quarters of 2023, the national online retail sales have reached 10.82 trillion yuan, accounting for 31.6% of the total retail sales of social consumer goods, with an average cumulative monthly growth of more than 11%, showing strong vitality.
We will continue to drive the development of the digital economy through innovation, and key technological areas will be further developed. The main theme of great power competition is still the competition in science and technology. In order to grasp the new round of scientific and technological revolution and industrial transformation, China will further leverage the advantages of its socialist system, a new nationwide system, and a very large market, improve its capacity for basic research and development of digital technologies, fight hard battles in key and core technologies, and realize self-reliance at a high level as soon as possible, and firmly grasp the autonomy of developing the digital economy in its own hands. The report of the 20th National Congress of the Party focused on reviewing the major achievements made in the field of new generation information technology such as supercomputers, satellite navigation, and quantum information during the "13th Five-Year Plan" period, and further emphasized the core position of innovation in the overall situation of China's modernization construction, and proposed the deployment of accelerating the realization of high-level scientific and technological self-reliance and resolutely winning the battle of key core technologies. In the future, key technology areas such as integrated circuits, new displays, communication equipment, and intelligent hardware will be further developed.
