Digital Economy Empowering the Role and Pathway to Common Prosperity

Abstract

The 20th National Congress of the Communist Party of China proposed that achieving common prosperity for all people is an essential requirement of Chinese-style modernization. This provides us with principles to understand the position and role of common prosperity in advancing the overall process of Chinese-style modernization, as well as a more solid foundation for promoting common prosperity for all people in the new era. The pace of pursuing common prosperity has become more determined and powerful. The primary advantage of the digital economy is its enabling effect, effectively promoting industrial upgrading and consumption synergies, continuously optimizing economic and social structures, and experiencing rapid development momentum in recent years. Empowering high-quality development through the digital economy serves as the foundation for achieving common prosperity. The digital economy promotes the enhancement of social production efficiency, facilitates the transformation of market behaviors, contributes to fiscal re-efficiency, and promotes balanced development to reduce regional disparities. Applying technologies such as big data and artificial intelligence in production, distribution, exchange, and consumption can stimulate organizational changes and institutional innovations in economic activities, which is of great significance for promoting common prosperity. Under the socialist system with Chinese characteristics, the digital economy has triple advantages in politics, systems, and governance in empowering common prosperity. The main pathways to achieve common prosperity through the digital economy include comprehensively regulating the supervision of the digital economy, promoting the improvement of public service quality and efficiency, and improving the employment security system to encourage innovation and entrepreneurship.