(Yicai Global) May 24 -- Delegates at the Lianghui -- or Two Sessions -- ongoing in Beijing, which are China's top legislative and political meetings, have hailed the central government’s policy support to develop the Industrial Internet and build a digital economy.

China will continue to launch support policies to promote Internet+, Xinhua news agency reported, citing a government work report submitted to the national legislature for deliberation on May 2.

The development of the Industrial Internet is a powerful measure to promote the upgrading of manufacturing and the development of emerging industries, the report notes.

"In terms of industrial supply chain, the real-time and accuracy of data needs to improve," said Xu Xiaolan, a member of the National Committee of the Chinese People's Political Consultative Conference and deputy chair and secretary general of the Chinese Institute of Electronics.

While promoting the application of Industrial Internet, it is also necessary to improve computing power, said Sun Pishu, deputy to the National People's Congress and chairman of Shandong province-based leading global data center and cloud computing services provider Inspur Group.

The economic value added by the Industrial Internet industry is expected to reach CNY3.1 trillion this year, research shows, and its rate of contribution to economic growth will surpass 11 percent.

"Accelerating the development of new-style infrastructure is key to consolidating the foundation of the digital economy and shaping new advantages," said Liu Duo, a deputy to the National People's Congress and president of the China Academy of Information and Communications Technology.

China is in the initial stage of developing its digital economy, and hence is building up a new generation of information networks and fifth-generation wireless will reduce the cost of companies’ application of digital technology, she added.

"Data lies at the core of the digital economy,” said Xu. “To create a new advantage in virtual competition, the focus is on collecting and using various types of data,” she noted.

The Two Sessions started this year on May 22 and will wrap up on May 28.

Editor: Ben Armour