A visitor checks out a pair of XR glasses during the Fourth Global Digital Trade Expo on Sept 25. LIN YUNLONG/FOR CHINA DAILY
BEIJING: China’s digital trade is poised for steady growth, fuelled by advancements in cutting-edge technologies represented by artificial intelligence (AI) and a series of policy measures promoting its reform and innovative development, say officials and experts.
They highlighted that the booming digital trade has become a transformative force reshaping global trade, a strategic choice for countries around the world amid mounting uncertainties and a new engine for China’s endeavour to build itself into a stronger trading nation.
The country’s emphasis on bolstering the development of digital trade will foster new growth drivers for foreign trade, inject fresh impetus into high-quality economic growth and make contributions to the recovery of the global economy, they added.
Sheng Qiuping, vice-minister of commerce, said amid a new round of technological revolution and industrial transformation, digital trade – which deeply integrates digital technologies with international trade – is demonstrating strong resilience and vitality.
“The Commerce Ministry will deepen reform and opening-up, ease market access in sectors such as telecommunications, internet and culture in an orderly manner, and facilitate foreign investment related to digital trade,” Sheng said.
He made the remarks at the Fourth Global Digital Trade Expo, which concluded in Hangzhou, Zhejiang province, on Sept 29.
Sheng stressed the need to accelerate the establishment of national digital trade demonstration zones and pilot zones for Silk Road eCommerce cooperation, nurture world-class leading enterprises in digital trade and support them to expand their footprint in international markets, while strengthening bilateral, multilateral and regional cooperation.
China has attached great importance to the development of digital trade, which is regarded as one of the three pillars supporting the development of a strong trading nation, alongside trade in goods and services.
In the domain of digital trade, China should pursue innovative development and take well-ordered steps to expand opening-up, according to the Recommendations of the Central Committee of the Communist Party of China for Formulating the 15th Five-Year Plan for National Economic and Social Development.
China should enhance the functions of trade promotion platforms and support the development of new forms and models of businesses such as cross-border eCommerce, said the recommendations, which were adopted at the fourth plenary session of the 20th CPC Central Committee on Oct 23.
Data from the Commerce Ministry show that China’s imports and exports of digitally delivered services trade rose 6.5% year-on-year (y-o-y) to 2.9 trillion yuan (US$406.6bil) in 2024. Imports and exports of the country’s cross-border eCommerce sector reached 2.71 trillion yuan last year, up 14% y-o-y, a record high.
The ministry said China’s exports of telecommunications, computer and information services are at the forefront globally, while the growth rate of China’s digital services trade far exceeds the global average, making it the fastest-growing economy in digital services trade worldwide.
At present, digital technologies such as artificial intelligence, big data, and blockchain are accelerating in innovation and increasingly integrated into all aspects of economic and social development, said Kong Dejun, director-general of the department of trade in services at the Commerce Ministry.
“Digital trade is thriving, demonstrating strong development resilience and having a profound impact on patterns, structures, and rules of global trade,” Kong said.
“It has become the most dynamic component for bolstering global trade growth.”
He said China possesses abundant data resources, a vast domestic market, and diverse digital application scenarios, all of which provide a solid foundation for the development of digital trade.
Looking ahead, China will vigorously promote the reform, innovation and development of digital trade, advance institutional opening-up and deepen international cooperation in the digital trade domain to build itself a strong trading nation.
“China has played a pivotal role in promoting global digital trade, speeding up the construction of digital infrastructure, and bolstering digital transformation and the development of cross-border eCommerce,” said Pan Helin, a member of the Expert Committee for Information and Communication Economy. — China Daily/ANN
