The agricultural economy, the industrial economy and the digital economy are three social development stages. In the digital economy era, the new generation of information and communications technology (Big Data, AI+, IoT) drives the productivity in a rapid development, and the relations of the production become more transparent and fairer. The continuous optimization of the efficiency, the quality and the structure of the supply system has a great impact on the demand system and the social governance system. From the angle of the productivity and the production relation, by comparing the digital economy with the agriculture economy and the industrial economy, this paper reviews the reforming trend of the supply and demand system and the development direction of the social governance system in the era of the digital economy, to provide a reference for China to build a new supply system for a high-quality economic development. It is indicated that the digital economy is one of the key factors in promoting China's supply system especially in building the smart productivity and the transparent, fair and efficient production relations. Beyond that, China has to be prepared to go from macro to micro, for the application of the technological innovation, the management mode optimization, the governance system reform and other aspects to benefit under the digital economy.

digital economy  /  supply and demand systems  /  production relations  /  consumption upgrading  /  social governance