The first DIGITAL TRANSFORMATION SYMPOSIUM DAVOS (DTS.DAVOS) was held in Davos, Switzerland, from April 16 – 17, 2019. The Symposium was jointly organized by the World Digital Economic Organization (WDEO) and TAO China Center Switzerland (TCZS). Business and government leaders, experts in Blockchain, IoT, Big Data and AI areas, entrepreneurs and academia, as well as leading figures in the finance industry from more than 26 countries and regions attended this first DTS.DAVOS in 2019.

This topic is timely, as only a decade remains for achieving the sustainable development goals (SDGs). Digital disruptions have already led to the creation of enormous wealth in record time, but this is highly concentrated in a small number of countries, companies and individuals. Meanwhile, digitalization has also given rise to fundamental challenges for policymakers in countries at all levels of development. Harnessing its potential for the many, and not just the few, requires creative thinking and policy experimentation. And it calls for greater global cooperation to avoid widening the income gap.

The digital economy continues to evolve at breakneck speed, driven by the ability to collect, use and analyse massive amounts of machine-readable information (digital data) about practically everything. These digital data arise from the digital footprints of personal, social and business activities taking place on various digital platforms.

Digital developments will have implications for virtually all the SDGs, and will affect all countries, sectors and stakeholders. At present, the world is characterized by a yawning gap between the under-connected and the hyper-digitalized countries.

In China, information and communication technologies have grown rapidly over the decades, from microelectronics in the 1940s to the introduction of the internet and smart phones in the 1990s and 2000s. Now, as blockchain, artificial intelligence, and robotics emerge, fast-evolving technologies are creating new sectors, including e-commerce, fintech, big data. In this new digital economy, China is becoming a global leader in some sectors, particularly e-commerce and fintech. As is seen in other economies, the explosion of new technologies is challenging the boundaries of the digital economy and spurring discussion of its implications.

DDEF provides a platform for ideas, trends, visions, challenges, opportunities and treats that increasingly will shape our global digital future, while placing a focus on China’s current and future role in this area.