China is now a major player in digital technology with enormous growth potential, according to a report by McKinsey Global Institute (MGI) released Monday.

　　Digital technologies show at the 4th World Internet Conference & the Light of Internet Expo on December 3, 2017. [Photo: VCG]

　　As digital forces shake the status quo and restructure value chains, an even more globally competitive Chinese economy, and dynamic firms can emerge, the report said.

　　It said that China's e-commerce transactions were estimated to be larger than those in France, Germany, Japan, the United Kingdom and the United States combined.

　　The value of China's individual consumption mobile payments was 790 billion U.S. dollars in 2016, 11 times that of the United States, according to the report.

　　Meanwhile, China is in the global top three for venture capital investment in virtual reality, autonomous vehicles, 3D printing, robotics, drones and artificial intelligence.