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China to see US$1.88 billion investment in its web infrastructure by 2018, says one of country's top economic planners

PUBLISHED : Thursday, 01 October, 2015, 6:43pm
UPDATED : Friday, 02 October, 2015, 9:47am

China expects to see a 1.2 trillion yuan (US$1.88 billion) investment in the country’s internet and information infrastructure over the next three years, the deputy director of its central economic planning department said this week.

Speaking at a summit on the country’s Internet Plus policy on Tuesday, Lin Nianxiu, deputy director of the National Development and Reform Commission, forecast the massive investment in internet and information infrastructure and predicted it would spur a growth in spending.

READ MORE: Can Li Keqiang's Internet Plus strategy really save China?

"The internet has made it easier for start-ups and slashed the costs associated with innovation," Xinhua quoted Lin as saying.

Announced by Premier Li Keqiang in March, the Internet Plus campaign is designed to combine the power of the internet and big data with traditional industries to boost economic growth.

The plan hopes to harness the power of cloud computing, big data and the internet of things with manufacturing and e-commerce, as well as promoting entrepreneurship and innovation.

Lin urged companies to harness the power of the internet to streamline operations and increase productivity. He said the NDRC would support companies to participate in the plan.

Lin estimated that spending related to information technology in China would jump to to 3.2 trillion yuan this year, up from 2.8 trillion yuan in 2014.