The Third Plenary Session of the 20th CPC Central Committee pointed out that “the institutional mechanisms conducive to the integration of the real economy and the digital economy should be improved.” General Secretary Xi Jinping emphasized that “no matter how far China’s economy develops, the real economy is foundation of China’s economic development and the basis for us to gain the initiative in the international economic competition,” and that “we must insist on focusing our economic development on the economy.” At present and for some time to come, China’s economic development faces the constraint of insufficient aggregate demand. Therefore, in order to improve the institutional mechanisms conduc to the deep integration of the real economy and the digital economy, we should focus on the stable development of the macro-economy, give full play to the positive role of the economy in stabilizing the economic situation, and promote high-quality development with emphasis on the real economy as the foundation and the leading factor.
Deep integration of the real economy the digital economy from the perspective of promoting the stable development of the macro-economy
Digital economy can be broadly or narrowly defined. Broadly speaking, the digital economy to an economic form that provides products and services with digitalized knowledge and information as key production factors; narrowly speaking, the digital economy refers to the economic form embodying or reflecting production factors such as digital technology, data elements, and digital infrastructure. The integration of the real economy and the digital economy mainly refers to the integration of traditional real economy and narrow digital, i.e., the integration of traditional industries and new production factors with digital technology as the core. From the perspective of promoting the stable development of the macro-economy the deep integration of the real economy and the digital economy should focus on meeting the following requirements.