China is rapidly positioning itself as a major player in the global digital trade landscape. Vice Commerce Minister Wang Shouwen emphasized the country’s commitment to harnessing the potential of digital trade during a recent press conference on the upcoming Global Digital Trade Expo. This event is set to take place in Hangzhou, the capital of Zhejiang Province, from November 23 to 27, marking a significant step in China’s journey towards becoming a leader in digital commerce.
Annual Global Digital Trade Expo
China’s decision to hold the Global Digital Trade Expo annually is a testament to the growing importance of digital trade in the global economy. Last year’s inaugural event in Hangzhou saw over 5 billion U.S. dollars in tentative deals, underlining the significance of this initiative. Vice Commerce Minister Wang Shouwen explained that the expo serves as a crucial platform for promoting digital trade, fostering global digital economic cooperation, and contributing to the development of an open world economy.
A professional, internationalized event
The upcoming Global Digital Trade Expo is poised to be even more professional, internationalized, and market-oriented compared to its predecessor. According to Lu Shan, the Deputy Governor of Zhejiang, this year’s event will feature four specialized venues, each focusing on different aspects of the digital trade landscape. These include information and communication, digital security, smart Internet of Things, digital finance, and digital medical care.
Furthermore, the expo will host Finland and South Africa as the guest countries of honor, who will present exhibitions showcasing digital infrastructure, digital industry regulations, and their successful digital trade partnerships with China. In addition, more than 30 international organizations, including the World Trade Organization, have confirmed their participation, further highlighting the global significance of the event.
Booming digital trade in China
China’s digital trade is experiencing remarkable growth and transformation. Wang Shouwen pointed out that China’s digitally-delivered service trade surged by 10.4 percent year on year to reach 1.81 trillion yuan (about 252.14 billion U.S. dollars) in the first eight months of this year. Cross-border e-commerce trade also expanded significantly, totaling 1.7 trillion yuan from January to September, marking a 14.4 percent year-on-year increase and accounting for 5.5 percent of the trade volume in goods during the same period.
Furthermore, China’s digital economy has strengthened its foundations, with a 10.3 percent year-on-year growth in 2022 to reach 50.2 trillion yuan, representing 41.5 percent of the country’s GDP. This demonstrates the vital role that digital trade plays in China’s economic landscape.
The fusion of digital technology with traditional industries has given rise to new forms of consumption, such as internet games, online education, and telemedicine. This, in turn, has unlocked the potential of digital trade, with Chinese online games achieving significant overseas sales revenue and literary works making their way to international readers.
China’s commitment to fostering a thriving digital trade ecosystem is clear. As the Global Digital Trade Expo approaches, the country is poised to further cement its position as a leader in the global digital trade landscape. Efforts to strengthen top-level design, enhance relevant platforms, develop new business models, and increase international cooperation will play a crucial role in shaping the future of digital trade in China and beyond.