The key to transforming old growth drivers into new ones is promoting the upgrading of traditional industries and fostering emerging ones.

The digital economy will be the major focus, said Xiao Xue, chairman and CEO of Inspur Cloud, during an interview at the Qingdao Multinationals Summit. The summit, held in Qingdao from July 15-16, welcomed 390 world's top 500 companies and 517 industry leading companies. 

The digital economy is also a key focus during the country's 14th Five-Year Plan period (2021-25). During the period, China aims to further unlock the value of data and push forward the digital economy with the help of the latest technologies.

Inspur has made significant progress promoting the shift from old growth drivers to new ones by using cloud computing, the industrial internet, and blockchain, said Xiao.

The firm has completed the largest distributed cloud migration in the country, which covered 169 distributed cloud nodes, which will better meet the customized requirements of various users.

Meanwhile, Shandong Energy Mining Group has realized a way to achieve real-time warnings and maintenance with the help of an equipment management system developed by Inspur Cloud. Thus, the operating life of the equipment has been increased by 10 percent and the equipment maintenance costs have been reduced by 20 percent.

Moreover, Inspur has provided smart upgrading services for rose production lines in Pingyin county, from planting and production to packaging, which has greatly improved production efficiency and increased the price of rose products.

In the future, Inspur will continue to participate in the development of the digital economy and explore domestic and international markets to boost high-quality economic development of Shandong, said Xiao.