China is now a major player in digital technology with enormous growth potential, according to a report by McKinsey Global Institute (MGI) released last Monday.
As digital forces shake the status quo and restructure value chains, an even more globally competitive Chinese economy, and dynamic firms can emerge, the report said.
China's e-commerce transactions were estimated to be larger than those in France, Germany, Japan, the UK and the US combined.
The value of China's individual consumption mobile payments was 790 billion U.S. dollars in 2016, 11 times that of the United States, according to the report.
Meanwhile, China is in the global top three for venture capital investment in virtual reality, autonomous vehicles, 3D printing, robotics, drones and artificial intelligence.
The report also predicted that digital technology might shift and create 10-45% of industry revenues in China by 2030.
Jeongmin Seong, MGI senior fellow, said that digitization could make China's economy more dynamic and enable more Chinese businesses to compete globally and even export "Made In China" digital business models.