China’s Booming Digital Economy to Mark a New Era of Modernization

A renowned scholar Martin Jacques with over 3 decades of experimental economic analysis of China’s development has noted a major change in the country’s economy. From this period of fast growth, China has now entered a period of steady and high-quality growth.

China’s transition is marked by a booming digital economy and the rise of green, low-carbon industries, setting a new benchmark for sustainable development. Jacques’s insights shed light on how China is redefining modernization and diverging from Western models, focusing on a philosophy of sharing rather than taking.

China’s Booming Economy

China’s digital economy has seen rapid growth, becoming a breeding ground for innovation. Home to numerous tech giants and startups, the country has embraced digital transformation across all sectors. This digital boom has not only propelled economic growth but also improved the efficiency and accessibility of services for its citizens.

China’s commitment to green, low-carbon industries underscores its pledge to sustainable development. By investing heavily in renewable energy and eco-friendly technologies, China aims to reduce its carbon footprint and combat climate change.

Martin Jacques argues China could Redefine Modernization

Jacques states that in contrast to the West, China’s modernization is different. Western modernization is usually characterized by a highly competitive and take-all approach,China’s strategy is more inclusive and based on sharing resources and benefits.

The Chinese philosophy is somehow reflected in the Belt and Road Initiative and other international activities in which China pursues to build win-win situations for all the concerned parties. The country focuses on togetherness and sustenance over self-interest. This makes its path of global development unique.

With sustainable development being a key concept in the modernization process of China, other countries use this approach as a benchmark. Efforts in digital development and green growth are both key drivers of economic growth and provide the world with a solution to the most urgent global problems, including climate change and scarcity of resources. The global community witnesses China as it transforms its economy, demonstrating that development may be sometimes both rapid and responsible. Consequently, the question arises: Will other countries imitate the spreading approach of China’s development by sharing-based modernization, or will they keep the old competitive style?

Sustainable Modernizatin fueled by the Green and Digital Revolution actually brought positive results to China.