The emerging service sector also grew very fast, Meng said.
In April, the information transmission industry, along with software and inform
ation technology services, grew 25 percent year-on-year, 17.6 percentage points higher than the national index of services.
Online retail sales amounted to 3.04 trillion yuan ($440.2 billion) in the first four m
onths, a year-on-year increase of 17.8 percent. Around 17.07 billion parcels were delivered, up 24.8 percent over last year.
She said the transformation of traditional industries is speeding up as they combine with information technology.
“Through implementing national big data and internet plus strategies, internet, big da
ta, and artificial intelligence technologies have been widely used in China’s real economy,” she said
ational Cooperation, to be held in Beijing on Thursday through Saturday, S
ong said the ministry will help deepen economic and trade cooperation with other coun
tries. “China will build more free trade zones with countries that are willing to do so,” Song added.
“As for the existing free trade zones, we will reduce administrative barriers in trade
and investment and push the formation of a big Belt and Road marketplace.”
While some critics have argued that the initiative will lead countries i
nto debt traps, Song said debt can be solved through joint efforts to promote the devel
opment of BRI economies. “Even though some countries may have high debt levels, as their pace of indus
trialization, urbanization and modernization accelerates, their debts will gradually decrease.”
Joe Kaeser, president and CEO of Siemens AG, said, “If an initiative like the BRI unifies more than two-thirds of the global
population, it will create massive infrastructure and economic movement that will build its own rules.”
that we are already seeing people’s lives improved by, for example, shopping websites that help you fi
nd what you are looking for. “For people who are feeling that this is not science fiction, this is just Amazo
n showing me an ad or a bank giving me a loan. Just wait. In the next five or 10 years, we’ll see robotics and in the nex
t 10-20 years autonomous vehicles – and they will be magical,” he said.
“The atom part will take longer, but that will happen too. The hardes
t part today appears to be the atom side – robotics, autonomous vehicles, flying cars and thin
gs like that. Because the big breakthroughs have been just pure software.”
Ironically, Theil, the co-founder of PayPal and a lead investor in Fa
cebook and big data mining company Palantir, has said that we live in a financial age, rather
than a scientific and technological age. “It’s not clear it’s enough to bring our civilization to the next level.”
Most tellingly, Theil points out that the oligopolistic US tech giants – Facebook, Apple, Google, Microsoft – are each sitti
ng on billions of dollars of cash, but they can’t think of any technological opportunities where they can invest that money.