What happened: China’s National Development and Reform Commission (NDRC) has reached an agreement with the China Development Bank to invest RMB 100 billion in big data and cloud computing over the next five years, aiming to support China’s “digital economy.”
Why it’s important: China is looking to become a world leader in technological development. Its leaders also have ambitions for the country to become an innovator in the field of artificial intelligence by 2030. Investments in big data and cloud computing could be crucial to achieving this goal. In addition to financing, the country is filing a massive number of patents, especially those related to blockchain, with the People’s Bank of China and Alibaba leading the charge.