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China's ICT market to gain from second reform, says analyst

Posted: 27 Nov 2013 ?? ?Print Version ?Bookmark and Share

Keywords:IDC? ICT market? second reform? economic growth?

ICD has recently revealed that by 2020, the Chinese government's decisive achievements shall be made on reform in major fields and key links. Also, reform tasks shall be completed to form a systematically complete, scientific, standard and operation-effective institutional system.

This was published in the "Decision of the CPC Central Committee on Several Important Issues of Comprehensively Deepening Reform" (hereinafter referred to as Decision). The publication of the Decision is the inauguration of the second deep reform in China. The Decision gives direction and framework of the second reform in six fields: economy, politics, culture, society, ecology and national defense.

"The Decision lays a favorable market foundation for China's economic growth in the future, and with the help of the second reform, China's ICT market will embrace boundless business opportunities in 2020," stated Kitty Fok, managing director of IDC China.

For the first time, the Decision recognizes that the "market plays a decisive role in resource allocation," and starting state owned enterprises (SOE) reform and emphasizing inviolability of private property, will effectively arouse the enthusiasm of private enterprises.

Measures including enlarging Free Trade Area (FTA) pilots, expanding inland and border opening, and relaxing investment access will effectively allow foreign investment in China full play.

Policies improving urbanization development systems and mechanisms, and relaxing the one-child policy will effectively support the healthy development of urbanization.

IDC predicts that China's annual GDP growth rate will still reach over 7.2 percent during 2013-2020, and in 2020, China's GDP will be up to $18 trillion, accounting for 17 percent of the global.

In view of that, IDC predicts that by 2020, the size of China's IT and telecom service markets will both exceed $300 billion, with a total amount of $602.3 billion and an average annual growth rate of 7.7 percent during 2013-2020, and the accumulative ICT market size will amount to $3.8 trillion during 2013-2020.

Along with deepening of reform and increase of economic aggregate and ICT total market, by 2020, ICT vendors will face changes in economic environment, technical trends, ecosystem and user demands. They would be learning how to cope with the four changes to realize transformation and revolution, an issue all ICT vendors must expect to be confronted with.

By 2020, IDC expects the consumption in China to account for 60 percent of GDP, the service industry to account for 65 percent of GDP, the urbanization rate to reach 60 percent and the strategic emerging industries to account for 15 percent.

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