(Yicai Global) July 14 -- The volume of China's digital economy hit CNY22.6 trillion last year, making up 30.3 percent of national gross domestic product, per an estimate by China Academy of Information and Communications Technology (CAICT), a research institute affiliated to the Ministry of Industry and Information Technology, in a report titled White Paper on Chinese Digital Economy Development 2017.
The report issued at this year's China Internet Conference.
It projects that the nominal growth of the digital economy exceeded 19 percent last year, far higher than GDP growth, The Beijing News reported. The volume of the digital economy market as a percentage of GDP rose 2.8 percentage points to 30.3 percent.
The digital economy chipped in as much as 70 percent of GDP growth last year, per the report, meaning it is now increasingly instrumental to the national economy as the main force driving social transformation.
Many issues complicate the integration of the digital economy with the real economy, including unbalanced development, prohibitive barriers to traditional industry transformation and mismatches between market access regulation and development of the digital economy, the report notes.