Report: Digitalization gathers pace in China

Chinese companies have been making steady progress in digital transformation over the past five years, with 17 percent making decisive investments in adopting and scaling digital technologies to drive continuous business transformation this year, compared to just 7 percent in 2018, said a report from global consultancy Accenture.

The report said nearly 60 percent of surveyed business executives said they would increase their spending in the field of digitalization in the following one to two years, but they would do so more pragmatically and prudently by paying attention to the immediate financial returns of digital projects.

It found that 17 percent of the interviewed companies can be designated as "Digital Transformation Champions", which have generated more than half of their revenue from new areas of business in the past three years, up from 16 percent of companies in that category in the previous year.