China uniquely positioned to lead world's digital economy

China is uniquely positioned to lead the world's digital economy, said Wang Yang, vice-president for Institutional Advancement of Hong Kong University of Science and Technology.

Wang made the remarks at Fintech Forum on Digital Transformation and Financial Security, a parallel event of the 2023 Zhongguancun Forum, in Beijing on May 29.

China's advantages in the data base generated by a 1.4-billion-population, the foundation in the blockchain technology sector and the technological talent pool are the three most powerful tools for the country in leading the world digital economy, Wand said.

The scale of China's digital economy rose 10.3 percent year-on-year to 50.2 trillion yuan ($7.11 trillion) in 2022, accounting for 41.5 percent of the country's GDP, according to Digital China Development Report 2022 issued by the Cyberspace Administration of China.