This year's Government Work Report approved by the country's top legislature on Wednesday mentioned the digital economy for the first time.

The digital economy is becoming a new engine for global economic development. It refers to an economic system that involves economic activities using digital knowledge and information as key production factors.

Development of the digital economy is being promoted in order to benefit enterprises and the public.

In 2016, the digital economy reportedly contributed 30.1 percent to China's overall GDP, which is much lower than the digital economy's contribution to the GDP of developed countries.

In the United States, the digital economy accounts for 59.2 percent of the country's GDP, in Japan it accounts for 45.9 percent and in the United Kingdom, 54.5 percent.

In 2016, the growth rate of the digital economy in China was as high as 16.6 percent, and the overall scale of China's digital economy is $3.8 trillion, which ranks second after the US.

Digital transformation of the economy will help promote sustainable development and facilitate traditional industry upgrading.