CHONGQING -- Featuring cutting-edge technologies including big data, artificial intelligence (AI) and 5G communications, the digital economy has become increasingly critical as a key factor for economic growth in the digital era.

From Monday to Wednesday, international organizations, industry representatives, experts and scholars gathered at the Smart China Expo 2022 held in Southwest China's Chongqing municipality, sharing the latest achievements in global digital economy and exploring new cooperation opportunities in the international digital field.

With more than 550 companies in the digital economy sector from 19 countries and regions participating online and offline, the expo witnessed the signing of 70 major investment projects, with the total contract value reaching 212.1 billion yuan ($31 billion).

The global digital economy has developed vigorously over recent years, with the total added value of digital economy in 47 major countries around the world reaching $38.1 trillion in 2021. Of the figure, China's digital economy scale reached $7.1 trillion, ranking second worldwide, according to a white paper on global digital economy released by the China Academy of Information and Communications Technology (CAICT).

A chess game was held at the exhibition hall during the expo. One of the two chess players is iFlyGo Robot, a top chess player embedded with AI algorithm and equipped with mechanical arms. The robot is able to judge the level of the opponent through AI algorithm and take corresponding steps, said Ni Junjuan, a demonstration specialist at iFLYTEK, an AI and speech-technology giant in China.

"The era of digital economy has begun and digital transformation has become an inevitable choice for the development of human society," said Mei Hong, an academician with the Chinese Academy of Sciences.

China's digital economy grew at an average rate of 15.9 percent from 2012 to 2021. During the period, the share of digital economy in its GDP expanded from 20.9 percent to 39.8 percent, representing an annual average increase of about 2.1 percentage points, according to the data from the white paper released by the CAICT.

As one of the co-organizers of this year's Smart China Expo, Singapore organized 56 enterprises to participate in the event, online or offline, and focused on displaying its latest technology achievements in trade, innovation, sustainable development and other areas.

"We have strong faith in the Chinese market and the Smart China Expo provides a great platform that will effectively promote communication and cooperation between Chinese and Singaporean companies," said Chng Ken Wei, Centre Director (China) of Infocomm Media Development Authority of Singapore.

Furthermore, 10 enterprises from Austria in related areas, including intelligent environmental protection, intelligent healthcare and intelligent manufacturing, also attended the event.

The Austrian company M-U-T Maschinen-Umwelttechnik-Transportanlagen GmbH exhibited a small container-like sewage treatment system. The system can be tailored to different sizes according to different scenarios and be placed in remote mountainous areas, tourist attractions, highways and the like, according to the company.

Despite emerging uncertainties and the COVID-19 pandemic as well as the headwinds encountered by economic globalization, China has opened its doors wider and wider, while demonstrating its attitude to sharing opportunities with the world, said Ruan Zongze, executive vice-president of the China Institute of International Studies.