Building a modern industrial system and promoting the development of strategic emerging industrial integration clusters is an important basis for building a new development pattern in which domestic and foreign markets can boost each other, with the domestic market as the mainstay. In recent years, with the penetration rate of the digital economy in emerging sectors continuously rising, ample opportunities have been presented for the development of strategic emerging industrial clusters in China.

Demand and supply

The demand-driven mechanism of the digital economy empowering the development of strategic emerging industrial clusters can be observed through three key aspects. Firstly, new consumption driven by digital products and services is gradually thriving. Secondly, the digital economy can reduce the degree of information asymmetry between supply and demand entities, stimulate consumer demand for personalized products and services, facilitate the supply side to provide more products and services, and then promote the development of industrial clusters through inter-industry innovation. Finally, the development of the digital content industrial chain should be promoted, and the industrial and innovation chain integrated through the construction of an industrial innovation service complex, thereby optimizing the structure of industrial clusters and building a growth engine for emerging industries guided by national strategic needs.

In terms of supply optimization, the mechanism of the digital economy empowering the development of strategic emerging industrial clusters is also manifested in three areas. Firstly, the combination of data factors and traditional production factors can broaden existing production application scenarios, and promote the emergence of integrated strategic industrial clusters on the supply side. Secondly, building sharing platforms for technologies and factors among different enterprises is conducive to adjusting and revitalizing enterprise assets, expanding investment, promoting technological innovation. Finally, the digital economy can not only promote the cross-border integration and development of strategic emerging industries, but also help create future technological application scenarios, and accelerate the formation of future industrial clusters.

As for demand, establishing a new development pattern can not only drive consumption growth and transform and upgrade consumption, but also promote the synergy between new consumption and emerging industries. As for supply, the adoption of a new development pattern will facilitate the removal of barriers that impede the flow of production factors. It will enable market-oriented allocation of data, technologies, and talent, driving the clustering development of emerging industries and formats.

Multiple measures

Firstly, the digital economy’s role in demand pull and supply optimization should be leveraged. The expansion of the digital economy should be promoted from the demand side to the production side, and the synergy of the digital economy’s integration with future industries leveraged. The optimization of the factor allocation structure should be accelerated. A dynamic, collaborative relationship between supply and demand should be developed.

Secondly, it is crucial to enhance the quality and efficiency of digital infrastructure. This can be achieved by developing robust digital infrastructure and optimizing its regional distribution, promoting the application of digital technologies, leveraging data resources and improving their utilization efficiency. The decisive role of the market in resource allocation should be fully leveraged, the role of the government better played, a fair and competitive market environment created, the necessary policy framework for a sound and complete domestic demand system developed, and diversified investment and financing channels among strategic emerging industry clusters opened up.

Thirdly, a digital technological system that combines independent innovation and open sharing should be built. It is suggested to promote independent innovation in digital technologies and strengthen R&D of cutting-edge digital technologies. A long-term innovation model should be developed, and digital talent cultivated. Furthermore, by leveraging nationwide industrial cooperation, the establishment of digital industrial clusters should be expedited. This can be achieved through the creation of digital industrial technological innovation alliances and the development of a mechanism for digital technology exchange and cooperation among enterprises. Simultaneously, the promotion of digital technology sharing should continue, ensuring the sustained release of innovation momentum.

Xu Weicheng (associated professor) and Zhao Caiyun are from the School of Economics at the Ocean University of China.