The number of internet users in China hit 1.1 billion by December 2024, up 16.08 million from the previous year, according to an industrial report on the country's internet development released on Friday.
The report by the China Internet Network Information Center revealed that internet penetration in China reached 78.6 percent in 2024, 30 years after the country was fully connected to the global internet.
China now boasts the world's largest internet infrastructure, equipped with advanced technologies, driving the rapid growth of its digital economy, according to the report.
As of November 2024, China had established 4.191 million 5G base stations, with a net increase of 815,000 from the previous year.
By December 2024, the number of ".cn" domain names had reached 20.82 million, retaining the top spot in the world for ten consecutive years.
"China has continued to advance the construction of its internet infrastructure, building the world's largest and technologically advanced internet framework, achieving gigabit connectivity in all counties, 5G coverage in all towns and broadband access in all villages, providing sustained momentum digitalization of rural areas," said Liu Yulin, director of the China Internet Network Information Center.
As of December 2024, the internet penetration rate reached 65.6 percent in rural areas, while 52.5 percent of the population aged 60 and above have internet access. The number of online payment users has surpassed 1 billion and the number of online shoppers stands at 974 million.
China's e-commerce sales and mobile payment penetration rate remain the highest globally.
In November 2024, the number of products that offer generative artificial intelligence (AI) services registered in China had reached 309, with over 4,500 AI companies.
China also ranks second globally in total computing power.
China boasts 1.1 billion internet users: report
China will strengthen fiscal and financial coordination to amplify policy effectiveness, experts said as the draft central and local budgets for 2026 were unveiled on Friday at the ongoing fourth session of the 14th National People's Congress.
According to the draft central and local budgets for 2026, 1.3 trillion yuan (190 billion U.S. dollars) of ultra-long special treasury bonds will be issued to provide continued support for the implementation of major national strategies and security capacity-building in key areas and for large-scale equipment upgrades and consumer goods trade-in programs.
Ultra-long special treasury bonds totaling 800 billion yuan will be allocated to support the implementation of major national strategies and security capacity-building in key areas, and 250 billion yuan in ultra-long special treasury bonds will be earmarked for consumer goods trade-in programs.
The country will refine these programs in terms of their scope and subsidy standards, and continue to support the scrapping and replacement of automobiles, home appliance trade-in schemes, and purchases of new digital and smart products.
China will also set up a 100-billion-yuan fiscal-financial coordination fund to boost domestic demand. The fund will support consumption and private investment through loan interest subsidies, financing guarantee, and risk compensation.
"Fiscal and monetary policies are the two major macroeconomic tools for macro-control, and their coordination is crucial. For instance, fiscal funds primarily serve as a guiding role, while financial institutions provide the capital. When fiscal guidance and financial resources are combined, the synergistic effect creates a result greater than the sum of its parts," said Yang Zhiyong, director of the Chinese Academy of Fiscal Sciences.
"By leveraging interest subsidies, we can mobilize substantial credit from financial institutions, thereby naturally stimulating consumption. The Ministry of Finance, in collaboration with the People's Bank of China, has introduced highly innovative measures, such as providing guarantees for the issuance of corporate bonds by small and medium-sized enterprises (SMEs), and compensating investors for losses. I believe the leveraging effect, making minimal efforts for maximum results, will become even more potent," said Yao Dongmin, director of the Center for China Fiscal Development under the Central University of Finance and Economics.
China's top legislature opened its annual session on Thursday morning at the Great Hall of the People in Beijing, with Chinese President Xi Jinping and other Party and state leaders attending the opening meeting alongside more than 2,700 NPC deputies. This year's NPC session is scheduled to run till March 12.
China to strengthen fiscal, financial coordination to amplify policy effectiveness: experts
