Finance

China to create $39 billion cybersecurity market in three years

Chinese authorities announced a three-year plan for cybersecurity earlier this week. The aforementioned plan aims to create a market worth $39 billion on a rounded basis, with the aim of supporting China’s efforts to strengthen increasingly valuable data defense and ensure the healthy growth of the platform economy.

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According to the plan announced by the Ministry of Industry and Information Technology, which will be in force for the period 2021 to 2023, the scope of the cybersecurity industry will exceed 250 billion yuan ($38.62 billion) by 2023. In this middle, the annual average growth rate will be higher than 15 percent.

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On the other hand, the country aims to make a breakthrough in many basic technology areas for cyber security and reach an advanced level by 2023. The integration of new technologies and cyber security and innovation in this field will gain momentum thanks to the plan in question.

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Research and application in information security technology will also be strengthened, optimizing management capability, security defense classification and other production functions. Businesses in valuable branches will be encouraged to increase their cyber security investments. Companies will allocate another item in their budgets to this issue and will be called upon to implement technology and works on the subject of cyber security. For example, cyber security investments in core industries such as telecommunications will be demanded to make up 10 percent of total informatization investments.

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In this context, Fang Xingdong, the founder of Beijing-based technology “think-tank” cluster ChinaLabs, stated in an interview with the Global Times that cybersecurity will be monitored through technology and regulatory systems with its core prestige.

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China International Radio

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-iDeal News Center-

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