China unveiled a development plan for the big data industry during the 14th Five-Year Plan period (2021-2025).
The scale of the country’s big data industry will likely exceed about 470 billion U.S. dollars by the end of 2025, with a compound annual growth rate of around 25 percent, the Ministry of Industry and Information Technology (MIIT) said.
A market-oriented pricing mechanism for data as a key factor of production will be established by then, the MIIT said, adding that it would raise the social awareness of big data and incentivize advanced big data-powered products and services.
China’s big data sector saw rapid development during the past five years.
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The ‘big data industry development plan’ was launched by the Ministry of Industry and Information Technology in Beijing. The plan outlines a series of mechanisms and policies that the ministry will introduce over the coming few years to support capability development.
Although the plan does not mention defense specifically, national defense capability would be expected by Beijing to be a beneficiary of the plan, given China’s focus on merging commercial and military sectors.