BEIJING, Oct. 19 (Xinhua) -- Chinese companies are speeding up digital transformation amid industrial upgrades, according to global market intelligence firm International Data Corporation (IDC).
Chinese firms' spending on digital transformation has expanded over a threshold by accounting for 51 percent of their total information technology (IT) expenditure this year, a report by IDC and Chinese IT firm Inspur showed.
Digital transformation is an increasingly popular choice for firms and is expanding into corporate culture, operation, customer service and other aspects, said Kitty Fok, IDC China's managing director.
A previous IDC survey showed that over 40 percent of Chinese enterprise respondents are committed to transforming their businesses via digital technologies.
Financial enterprises are pioneers in related practices, as three of IDC's top seven digital transformation awards this year are from the banking sector. The retail sector also shows rather advanced progress.
The Chinese mainland outpaced other economies in digital competitiveness growth, with its ranking rising from the 30th to the 22nd in the latest World Digital Competitiveness Ranking by IMD Business School, the largest increase among 63 rated economies.
The IDC expects the digital economy to account for 60 percent of global GDP by 2022, with the share in China even higher at 65 percent.