China plans to invest RMB1.2 trillion (US$188 billion) to further develop its web infrastructure over the next three years, announced Lin Nianxiu, deputy director of the National Development and Reform Commission.
While is it unclear if the figure includes private investments, the government will be spending a considerable sum of money on the supporting infrastructure and new technology. The move is hoped to spur growth in spending and invigorate the nation's slowing economy, Lin told Chinese news agency Xinhua.
The investment is part of the government's Internet Plus campaign, which aims to establish new industrial modes for key traditional industries -- such as the manufacturing and retail sectors -- by leveraging cloud computing, big data, the Internet of Things, and other new technologies. Companies in these industries are thus urged to harness the power of those technologies to streamline operations and increase productivity, said Lin.
China hopes that the Internet Plus will become the new economic model and an important driving force for economic and social innovation and development in the country by 2025. To do so, it will "solidify its development basis by promoting Internet technology, infrastructure, while tackling the technological bottlenecks of industries and strengthening risk control," according to an action plan announced by Premier Li Keqiang.
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