Xinhua Finance: Digital technology lowers cross-border connection costs, forming a global innovation network | news

CHONGQING, China, 4. August 2022 /PRNewswire/ — The importance of digital technology is becoming more evident as the economy develops. At the 2022 Jiangbeizui New Financial Summit, the participating experts discussed how digital services can strengthen the entire industrial chain and what role the digital economy plays in today’s economy.

Jiang Xiaojuan, a member of the Standing Committee of the 13th National People’s Congress, vice chairman of the Social Construction Committee of the National People’s Congress and president of the China Public Administration Association, believes that digital manufacturers can embed various services needed in the industrial chain in order to improve the efficiency of the entire production chain. For example, the Industrial Internet can be augmented with connections for financial services, connections for smart procurement, market-side smart inventory, and connections for customer service.

Christopher Pissarides, 2021 Nobel laureate in Economics and Professor of Economics at the London School of Economics and Political Science, explained that unlike previous technological breakthroughs, digital technology is impacting all sectors and not just specific industries. In addition, digital technology is spreading faster than any other technology before it.

“Innovative companies can use digital platforms to combine different elements and improve their innovation efficiency. As technology advances rapidly and requires an extensive database, innovations increasingly require extensive collaboration. Digital technology lowers the cost of cross-border connections and forms a global innovation network,” said Jiang Xiaojuan.

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