Competing for the Benchmark of the Digital Economy

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Jul 10, 2023, 23:32 ET

Final of Global Digital Economy Innovation Competition 2023 Kicked off

BEIJING, July 10, 2023 /PRNewswire/ -- In order to accelerate the gathering of high-quality digital resources, facilitate industrial innovation and upgrading, and help the development of Beijing's digital economy, the Global Digital Economy Innovation Competition 2023, organized by Chaoyang District People's Government of Beijing Municipality and Asia Digital Group, invited global digital elites to compete for the benchmark of digital economy innovation. Over 600 projects from 30 some countries and regions participated in the competition, with a total of 12 projects advancing to the final held at the China National Convention Center on July 7.

The final involved such guests as Wang Lei, deputy director of the Beijing Municipal Bureau of Economy and Information Technology, Yang Hongfu, director of the Administrative Committee of the Chaoyang Park of Zhongguancun Science Park, Zhang Jiongyang, vice director of the Administrative Committee of the Chaoyang Park of Zhongguancun Science Park, Zhu Dongfang, president of Asia Digital Group, Zhang Li, executive vice president of Asia Digital Group and Sachindra Samararatne, associate chief digital economy officer of the Information and Communication Technology Agency (ICTA), Sri Lanka. A jury composed of the founders and executives of the world's leading investment institutions conducted a comprehensive evaluation of the projects. More than 200 heads of investment institutions and representatives of Chinese and foreign business circles witnessed the birth of the benchmark of digital economy innovation.

Exploring innovation and the future for a collaborative, high-quality digital economy

Developing a globally competitive digital industry cluster is a critical imperative for China to drive high-quality growth.

Wang Lei, deputy director of the Beijing Municipal Bureau of Economy and Information Technology, proposed in his speech that accelerating the construction of a global digital economy benchmark city is an important task for Beijing. Beijing will build the foundation for digital city as well as seven connections and one leveling in infrastructure including cloud, network and computing power. It is necessary to accelerate the cultivation of the market of data as a key factor of production, launch measures of Beijing in line with the national strategy, build a basic data system, and establish a demonstration area for local pilots. Digital industrialization and industrial digitization are boosted in a coordinated way, maintaining existing advantages while exploring new industry development. There are over 80 artificial intelligence large model enterprises launched in China, of which Beijing accounts for half. The "Beijing Digital Economy Promotion Regulations" was officially implemented on January 1 this year, providing a sound governance system and business environment for industrial development and technological innovation.

According to Yang Hongfu, director of the Administrative Committee of the Chaoyang Park of Zhongguancun Science Park, Chaoyang District is fully committed to building a Web3.0 highland to follow the deployment of governments at district and municipal levels. Last year, Chaoyang District unveiled a development strategy called the "science and technology + business" initiative, which aimed to establish a strong foundation for the growth of the digital economy in the region. Taking into account the success and lessons learned from over a year of implementation, the district has now identified three key industries that will drive its future growth, industrial Internet, artificial intelligence, and digital security. Recognizing its position as the central hub of Beijing's digital economy and a key area of the benchmark city, Chaoyang District views the digital economy as an essential platform for the development of emerging industries. Therefore, it is actively constructing an industrial ecology that revolves around the digital economy. The district has prioritized it as the primary direction for its future development.

Executive Vice President of Asia Digital Group, Zhang Li, delivered a message to the competition, emphasizing the immense potential of digital technology in various industries during this era. The rise and prosperity of the digital economy are recognized as crucial factors in the development of the contemporary global economy. It is vital to deeply comprehend the role of digital technology and its effect on the global economic environment and accurately perceive the fundamental trends driving the development of the global digital economy. Doing so holds immense significance in addressing the unparalleled changes occurring worldwide, as well as in understanding the patterns governing global economic development. China's digital economy has experienced rapid growth, offering an exceptional environment for entrepreneurs. As a result, it is anticipated that the Global Digital Economy Innovation Competition will witness the emergence of numerous market disruptors and groundbreaking companies. This competition platform is poised to launch more high-potential startups, further empowering them to expand globally.

Sachindra Samararatne, associate chief digital economy officer of the Information and Communication Technology Agency (ICTA), Sri Lanka, said in his keynote speech that with its stunning scenery and abundant tourism resources, Sri Lanka also guarantees an exceptional environment for entrepreneurial endeavors. Start-ups from all over the world are welcome to develop here, and we look forward to cooperating with countries around the world. There are nine provinces in Sri Lanka, and different regions have different development priorities, where start-up companies can develop technology and conduct business. We aim to enhance collaboration with China and Beijing, inviting experts and enterprises to exchange experiences, discover technological development solutions, and ultimately achieve mutually beneficial outcomes.

Seeking a model for digital economy innovation through the final

As one of China's premier international events in the realm of digital economy, the Global Digital Economy Innovation Competition stands out due to its unparalleled standards. Aligned with the national digital economy strategy, this competition serves as a hub for the latest technology, global innovators, and economic progress in the capital. Through its platform, participants can engage in valuable exchanges, foster partnerships, secure funding, and successfully implement and transform digital innovation projects at a global level.

With the theme of "Digital Technology Facilitating an Intelligent Future", this competition, based on the global vision and international standards, operates on a framework called "1+6+N," which consists of a final competition alongside six sub-competitions and numerous supporting activities. The projects that have reached the final stage involve hot sectors in the global digital economy, including artificial intelligence, digital healthcare, smart transportation, the Internet of Things, car XR, digital education, digital culture and tourism, and low-carbon environmental protection. These industries play a crucial role in the planning and growth strategies of local governments worldwide. Additionally, they attract the highest levels of global capital attention and investment intensity, making them sought-after sectors for investment on a global scale.

During the roadshow for the final, the judges conducted a comprehensive evaluation of the participating companies and their projects. They based their assessment on the on-site introductions, as well as the development trends in related industries, market dynamics in specialized fields, global technology R&D trends, and domestic and foreign market demand. The judging panel consists of An Jing, managing partner of ULTR@Buttonwood Capital, Deng Yuanjun, partner of Kaiyun Motors and chairman of the Investment Advisory Committee of Nokia Growth Partners Fund, Gao Qingyi, partner of Innolink Fund, Bai Songtao, managing partner of Eagles Fund, Liu Shimin, executive partner of GTJA Investment Group, Tan Wenshu, managing director of Plum Ventures, Ji Li, managing director of Digital Fund of HUAGAI Capital, and Meng Fan, chairman of Blackbutterfly Capital & Financial Consultant.

In the end, Beijing Qingwei Rufeng Technology Co., Ltd. won the championship of this competition with the project of "airport unmanned transportation equipment and digital platform". The Holographic AI of DAAI Hologram (Beijing) Technology Co., Ltd. and the global AI digital culture and tourism smart platform of Guangzhou Sanmao Information Technology Co., Ltd. won the second place in the competition. The digital DaaS platform for enterprise marketing developed by Youmi, the education digitalized base of Sunmnet, and Nutricloud's painless blood test chip equipment, have accomplished the third place.

The companies receiving the Outstanding Innovation Award are Zhongzhi IOV, Fukonn Vanguard, Elejo Technology, Guangzhou Jianshihui Information Technology Co., Ltd., Quant Group and Vvcarai. All participating projects will be included in the list of key projects in digital economy in Chaoyang District, one of the organizer of the competition. Priority goes to award-winning landing project teams in policy support, such as talent settlement, rent reduction, scientific research and innovation, fund investment, and special industrial policies. This is in accordance with the development policies for the national and Beijing digital economy and the industrial policies of Chaoyang District.

Chaoyang District, being the focal point for the advancement of Beijing's digital economy, has initiated reforms in the system and mechanism of the Chaoyang Park of Zhongguancun Science Park. This endeavor aims to systematically strategize the progression of core industries. In 2022, the district introduced China's pioneering artificial intelligence technology and enterprise rating consensus system, while also establishing a multinational enterprise data circulation service center and a trade technology alliance located in its CBD. Additionally, the information service industry, business service industry, and technology service industry recorded a collective operating income surpassing 100 billion yuan in the same year, thereby maintaining a leading position in Beijing's comprehensive evaluation of high-quality development.

Chaoyang District is committed to expediting the establishment of a robust digital economy core area. With a strong focus on the industrial Internet, artificial intelligence, and digital security, the district aims to foster the growth of future industries, paving the way for the emergence of Internet 3.0. Through these strategic endeavors, an internationally competitive industrial cluster will be created. Moreover, the district intends to promote the establishment of industrial metaverse innovation consortiums and common technology platforms. This initiative will be supported by the development of industrial Internet parks and demonstration parks. Additionally, cutting-edge technology innovation centers for artificial intelligence will be established to drive breakthroughs in the field. Last but not least, it will facilitate the implementation of credit ratings for artificial intelligence technology companies. By implementing these initiatives, Chaoyang District will achieve high-quality development in digital economy.

During the final, a closed-door industrial meeting was held, bringing together representatives from relevant government units, industrial parks, incubators, investment institutions, participating projects, and outstanding companies in the field of digital economy in Chaoyang District. The meeting intended to facilitate mutual understanding between enterprises and Chaoyang District resulting in the implementation of high-quality innovative projects. Ultimately, it played a crucial role in promoting the development of the digital economy in Chaoyang.

By gathering resources and selecting benchmarks, the Global Digital Economy Innovation Competition 2023 offers a significant platform for global makers to exhibit their wisdom, exchange ideas, and invigorate the digital economy with digital innovation examples.

SOURCE Asia Digital Group