With rapid technological advancements, the definition and implications for the "digital economy" have evolved. Currently, the digital economy refers to an operational mode that integrates digital technology, services, products and techniques across different economic sectors through the process of digitization.
While technology development has cutting-edge aspects, when applied appropriately, it can benefit the general public, and the digital economy is a prime example. The digital economy is a global trend as it benefits individuals throughout society. Previously, a small shop may have been limited in its operations because of its small scale. Now, small shops can expand their sales reach to the entire city or even the whole country through e-commerce platforms. Factory and farm owners can use consumer trends to decide what to produce, maximizing economic efficiency. Even ordinary citizens can personally experience how internet technology optimizes their shopping and payment methods through electronic payments and ride-hailing services, as well as how external services can instantly meet their needs. Recently, a friend of mine traveled to Zhuhai with his family, and besides the convenience of having everything at his fingertips, he was impressed by the experience of hailing a taxi. With location services, he didn't need to provide his location when requesting a ride. Within seconds, the app matched him with the nearest taxi, making it utterly convenient.
Indeed, compared to the Chinese mainland, Hong Kong is lagging behind in the everyday use of the digital economy. This is an area where we must catch up urgently. Just think about it: Hong Kong is one of the world's top-three financial centers. If we lag behind in the digital economy for an extended period, it will be embarrassing. Moreover, the lack of proactive promotion of the digital economy could affect Hong Kong's competitiveness in the future.
The various isolation measures implemented during the COVID-19 pandemic have directly promoted electronic payments and e-commerce, allowing residents to personally experience their convenience. This shows that promoting the digital economy has practical implications for benefiting the entire population. The Hong Kong Special Administrative Region government has also started focusing on building digital infrastructure, introducing initiatives such as the "Data.gov.hk" platform, the "iAM Smart" spatial data sharing platform, the next-generation government cloud infrastructure, the big data analytics platform, and the shared blockchain platform. These are all positive advances.
The author is a specialist in radiology, Master of Public Health of the University of Hong Kong, and an adviser of Our Hong Kong Foundation.
The views do not necessarily reflect those of China Daily.
