China has announced a 3-year action plan pushing for the "use of data as a factor of production". The plan was published by 17 government departments, incl. the National Data Administration (NDA).

In this context, It's interesting to look at these two updated charts below with the Q3 2023 GDP data by industry, illustrative of the shift happening in the economy.

The Y-axis scales are the same for both charts. We used to look at the tech one as “growing fast but still small” - but by now - it’s not that small anymore compared even to the real estate sector.