Digital trade development to be further accelerated

At a press conference held by the State Council Information Office, P.R.C. a few days ago, Wang Wentao, Minister of Commerce, said that at present, the rapid development of the new round of scientific and technological revolution and industrial transformation and the booming growth of global digital economy have birthed digital trade with data as the key production factor, digital services as the core, and digital ordering and delivery as the key features, which also represents a new trend in the development of international trade. To that end, China will accelerate the development of digital trade.

Wang Wentao said that in the next step, we will focus on four aspects:

First, enhanced top-level design of digital trade. We will accelerate efforts to roll out policy documents to promote the opening-up and innovation-driven development of digital trade, and push the introduction of policies at the national level to advance digital trade.

Second, strengthened construction of digital trade platform. We will have measures to support the innovative development of national digital service export bases in place to promote them to grow stronger, better, and larger. Efforts should be made to foster leading enterprises in digital trade, ensure the success of Global Digital Trade Expo, and steadily propel the construction of digital trade demonstration zones.

Third, new business forms and models of digital trade. We will actively support trade in digital products, continue to improve trade in digital services, steadily advance trade in digital technology, and energetically probe into data transaction. We will also accelerate the digitization of the whole trade chain to raise the level of trade digitization.

Fourth, sound digital trade governance system. We will work faster to establish basic systems, standards and norms for property rights, transaction circulation, cross-border transmission, and security protection of data resources. At the same time, China will actively promote its accession to the Digital Economy Partnership Agreement (DEPA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and constructively participate in the formulation and negotiation of international rules and standards.

Wang Wentao stressed that digital trade is thriving, and many rules have yet to be determined. China is a digital power country, a digital economy country, and will also be a great country of digital trade. For this, we should take an active part in the formulation of digital trade rules, and offer China's solutions and wisdom.

At the Forum on Trends and Latest Developments of Digital Trade held during the 2022 CIFTIS, Sheng Qiuping, Vice Minister of Commerce, said that the digital economy is a new opportunity in the new round of scientific and technological revolution and industrial transformation, and a commanding height of the future world economic development. The innovative development of digital trade is conducive to promoting the rapid flow of data, technology, capital and other resources, and is helpful for all kinds of market players to reconstruct the organizational model, break the time-space restriction, extend the industrial chain and upgrade the traditional industries. It is of great significance to foster a new development paradigm in services and build a modern economic system.

The Ministry of Commerce will earnestly implement the various decisions and arrangements of the Chinese government, ground its efforts in the new development stage, fully, accurately and comprehensively implement the new development philosophy, create a new development paradigm in services, and strive to pursue the innovative development of digital trade through promoting high-standard opening-up.

For this purpose, first, we should bolster top-level design, delve into the development situation of digital trade at home and abroad, balance development and security through combining international development trend with domestic development reality, and push the introduction of policies and measures to boost the innovative development of digital trade.

Second, we should reinforce the platform building, implement measures to support the innovative development of national digital service export bases to promote them to grow stronger, better, and larger, propel the construction of digital trade demonstration zones, ensure the success of the first Global Digital Trade Expo, and foster a sound ecosystem for the development of digital trade.

Third, we should further align domestic trading rules and standards with global ones, improve laws and regulations and promote opening-up at a higher level.

Fourth, we should step up international cooperation, actively participate in the WTO e-commerce negotiations, maintain and improve the multilateral digital economy governance system, and facilitate agreement on widely accepted rules. At the same time, we should make the utmost of international cooperation organizations and other mechanisms, put forward China's solution for the development of digital trade, and actively engage in digital economy cooperation with other countries and regions, to create an enabling environment for the development of enterprises of all countries.