China has become a major driving force in the world's digital economy growth, according to a blue book released Tuesday at the 2026 World Internet of Things Convention (WIOTC) in Beijing.
The Global Digital Economy Sustainable Development Blue Book points out that next-generation IoT, artificial intelligence and other high-tech frontier technologies are accelerating the global digital economy transformation, mainly reflected in the application and innovation in industries such as manufacturing, agriculture, connected vehicles, healthcare, aerospace and people's daily life.
The global digital economy is expected to exceed 53 trillion U.S. dollars in 2026, with an increase of nearly 9.5 percent, accounting for half of global GDP, according to the blue book.
"China is at the forefront of the world in IoT digital economy innovation and development. China is expected to have more than 5.3 million 5G base stations supporting an intelligent, interconnected digital economy by 2026. The number of connected things is expected to exceed four billion, while the scale of China's traditional digital economy is projected to surpass 15 trillion U.S. dollars, making the country a major driving force in the global digital economy growth," said He Xuming, chairman of the WIOTC.
China becomes major driving force in global digital economy: blue book
Britain's services sector expanded at its fastest pace since February in October, as stronger demand and rising new orders boosted business activity, according to data released by S and P Global on Wednesday.
The seasonally adjusted S and P Global UK Services PMI Business Activity Index rose to 52.8 in October, from 52.1 in September, marking its highest reading since February. However, the latest figure remained below the long-run average of 54.2, the survey showed.
Service providers largely attributed the increase in business activity to improving customer demand and growing order books. Some reported stronger sales driven by investment in artificial intelligence, while others pointed to easing risk aversion among clients and more favourable economic conditions.
Total new business increased for a fourth consecutive month in October, reaching its fastest pace since January, largely on the back of stronger domestic demand. Employment also grew for the first time in just over two years, although job creation remained marginal as companies sought to contain costs and improve operational efficiency, according to S&P Global.
October data highlighted a combination of faster output growth and stronger price pressures across the UK services economy, mirroring the trends in the manufacturing sector, said Tim Moore, economics director at S and P Global Market Intelligence.
These signals underscore the near-certainty of a Bank of England (BoE) rate hike in November and collectively raise the likelihood of further BoE policy tightening into 2027, he added.
Britain's October services PMI up to 8-month high
