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China's State Grid commitments $3.5 trillion Digital Infrastructure Spending This year
China's leading distributor of electricity, the State Grid, has announced plans in 2020 to invest around 24.7 billion Yuan (3.5 billion Dollars) on digital infrastructure, with investment in new infrastructure that will support tech-based projects. Investments will revitalize China's economy.
The State Grid has signed strategic cooperation agreements with many technological firms, including Tencent, Alibaba, Baidu and Huawei, with a view to developing digital infrastructure, including large data centres, industrial Internet, 5 G networks and artificial intelligence. In order to facilitate the implementation of the investment program, it has entered into a strategic cooperation agreement.
In the month after Prime Minister Li Keqiang announced the role of "modern infrastructure" in China's efforts to accelerate its economy's technology-energy structural change, it highlighted the role it plays in his government's report during the annual Two Sessions.
In April, a leading Chinese economic programmer the National Development and Reform Commission (NDRC) defined "new infrastructure" as including the 5 G and Internet of Things ( IoT) information-based infrastructure, the convergent internet-enabled infrastructure and the Big Data, as well as IT and innovative facilities to support scientific research, technology development and development.
Over the two last months, China's leading technology companies have expressed enthusiasm by expanding their respective investment plans to participate in the 'new infrastructure' development.
Over the next three years, Alibaba has pledged 200 billion yuan to invest in its cloud infrastructure to help businesses digitalize. Tencent has followed the plans to spend 500 trillion yuan on cloud, AI, blockchain, IoT, and 5 G high-tech networks for the next half decade.
