Chen Wei, a deputy to the 14th National People's Congress, gives an interview with China.org.cn during this year's "two sessions" in Beijing, March 5, 2024. [Photo by Xu Xiaoxuan/China.org.cn]

Chen Wei, a deputy to the 14th National People's Congress, has called for activating the multiplier effect of data elements to boost the high-quality development of the digital economy. She emphasized the significant role private enterprises, particularly in the technology sector, can play in this transformative process.

Chen, part-time vice chairperson of Chongqing Federation of Industry and Commerce and president of SocialCredits, a leading big data service provider in China, said that promoting the digital economy and fostering the growth of new quality productive forces are essential for steering economic transformation, upgrading, and achieving high-quality development.

Chen's push for more development in the digital economy aligns with this year's Chinese government work report, which set targets of promoting innovative development of the digital economy, developing the digital industry, transforming traditional industries with digital technologies and fully integrating digital technology into the real economy. 

Chen contends that private enterprises, especially those in the technology sector, will propel the digital economy forward with their flexible mechanisms, keen market insights, robust technological innovation capabilities and development resilience.

"Private enterprises specializing in and mastering core technologies in key sectors can profoundly impact and strengthen industry chains in these key sectors," Chen said.

SocialCredits is a big data intelligence company dedicated to empowering industrial digital innovation. As a national high-tech enterprise, it has more than 200 intellectual properties and 63 invention patents.

"As a private technology company with data innovation at its core, we have invested significantly in basic research and development, innovative pre-research and technological breakthroughs, with an annual R&D investment averaging around 24 million yuan (around $3.3 million)," Chen explained.

She emphasized that the private economy can play a pivotal role in stabilizing growth, fostering innovation and boosting employment, contributing to common prosperity -- an integral characteristic of Chinese modernization.

"Currently, economic development has shifted from inputting traditional production factors to leveraging multiplier effects of technological innovation, with big data actively integrating deeply with various industries," Chen said. She added that SocialCredits remains committed to leveraging cutting-edge big data and artificial intelligence technologies to activate new digital dynamics and provide crucial support for the development of new quality productive forces.

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