During the recent Global Digital Economy Conference held in Beijing, representatives from tech giants based in the capital shared their insights into industrial trends and their solutions for digital transformation.

Lei Jun, CEO and founder of electronics manufacturer Xiaomi, said the digital economy will become the major driving force for development in the next decade and will promote the overall rise of Chinese enterprises in the global market.

Digital technologies and resources have changed production and consumption and brought huge economic benefits to businesses, Lei said.

"The technologies can be applied in different industries, generating new products, new forms of business operations and new models. This will spur sustained and balanced economic growth," he said.

Lei added that the digital economy will exert an effect on all consumption scenarios, much beyond those familiar to people in areas such as telemedicine, mobile payment and online education.

"Our life is expected to be easier and more enjoyable in the future thanks to digital technologies," he said.

The senior executive then gave his views on how to boost the digital economy.

What underlies digital technologies are technological research, development and innovation, so it is necessary to increase investment in R&D and achieve breakthroughs in key sci-tech fields, Lei said.

"We must put an emphasis on talent cultivation and attract talents across the world to start a business in China," he said.

Meanwhile, more efforts are needed to create an enabling environment for innovation.

There are lots of new issues to be explored in the digital economy, he said. "As it can't be a simple process, we must encourage emerging industries and be tolerant of failure during the process."

Huang Yan, vice-chairman of internet search company Baidu, delivered a speech on urban digital transformation at a parallel forum of the event.

Huang noted the transformation required numerous technologies such as 5G, cloud computing, artificial intelligence and big data. "Of them, AI is the core technology to make cities smarter and become intelligent," Huang said.

E-commerce company JD's algorithm scientist He Fengxiang said the AI industry involves multiple facets including hardware, universal technologies and platforms, which cannot be entirely bolstered by a single company or organization.

"Openness, collaboration, symbiosis and sharing will become the norm of the industry," Huang said.

This year's Global Digital Economy Conference attracted more than 200 corporate leaders, academics and industry representatives from about 20 countries and regions around the world.

A variety of activities were held during the two-day event including 20 parallel forums, an exhibition on sci-tech products and 2021 Global Digital Economy Innovation Competition.