The global market downturn, fueled by tariff tensions, continued on Friday with widespread losses in Asia and Europe.
Japan's Nikkei and Thailand's SET Index each fell about 3 percent, while markets in Hong Kong and the Chinese mainland were closed for the Qingming holiday.
In Europe, major indexes such as the FTSE 100, CAC 40, and DAX approached a 4 percent decline.
U.S. markets on Thursday suffered their largest intra-day loss since the COVID-19 pandemic began in 2020, with further losses likely based on stock futures.
In commodities, Brent and WTI crude oil prices fell to near four-year lows, while gold remained at historic highs, reflecting investor caution and ongoing economic uncertainty.
Global stock markets see across-the-board losses
China is set to promote high-quality development of digital economy by making targeted efforts in key areas, said Liu Liehong, director of the National Data Administration, at a press conference in Beijing on Tuesday.
Liu said that during the 14th Five-Year Plan period (2021-2025), the share of the value added of core industries in the digital economy in GDP rose from 7.8 percent in 2020 to over 10.5 percent in 2025, with an average compound annual growth rate of 12.8 percent, far exceeding the GDP growth rate over the same period.
"We will foster digital industrial clusters in a phased manner, leverage the data chain to drive deep integration of innovation chains, industrial chains, capital chains and talent chains, and advance the development of three types of digital industrial clusters -- those that drive innovation, that have become regional pillars, and that have regional characteristics. In cultivating and boosting the development of innovative enterprises in digital economy, we'll work with the National Development and Reform Commission and other relevant departments this year to choose a batch of enterprises that have strong innovation strength and great growth potential to cultivate them as the reserve force, offering them one-stop policy support in terms of computing power, data, scenarios and funding," said Liu.
Liu said that China will also promote city-wide digital transformation, accelerate digital empowerment to improve the quality and efficiency of manufacturing industry, and quicken up the fostering of high-value application scenarios in sectors of logistics, finance, healthcare, and elderly care.
China to promote high-quality development of digital economy
