An article released on September 24 on China Daily’s site detailing Beijing’s focus and advances when it comes to the digital economy provides an opportunity for New Yorkers to reflect on just where we stand and where our focus is.

Significantly, it quotes the research director of the Capital Institute of Science and Technology Development Strategy as estimating the value of Beijing’s digital economy as accounting for more than half of its GDP.

The article also quotes the head of Beijing’s Bureau of Economy and Information Technology as noting the city’s status as China’s ‘center’ of science and technology.

Of particular focus is the area of digital currency and finance, including the creation of a digital asset exchange and forming a “block chain standardized system.”

Of course, finance has been a traditional area of strength for New York and there continues to be much discussion when it comes to our education system.

Significantly, however, the importance of the digital economy does not seem to have penetrated the consciousness of many in the city as of yet, nor does there seem to be a wide consensus that we should be a leading city when it comes to science and technology.

It is respectfully suggested that our leaders and residents increase our discussion of these areas and identify clear directions going forward and that excellence and high standards need to be included in any conversations about education in order to unlock the potential of all of our youth.

Categories: Comparative Advantage, Digital Economy