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Innovative E-commerce Stabilises China’s Foreign Trade

Cross-border e-commerce has become an important driving force for stabilising China’s foreign trade and played a positive role in helping small and medium-sized enterprises hedge against the negative impact of the COVID-19 pandemic.

The import and export volume of China’s cross-border e-commerce totalled Yuan 1.98 trillion (US$ 311.5 billion) in 2021, up 15% year-on-year. E-commerce exports stood at Yuan 1.44 trillion, an increase of 24.5% on a yearly basis. As a new form of foreign trade, cross-border e-commerce has witnessed rapid growth in China by making full use of its advantages in online trading and contactless delivery since the pandemic outbreak.

Digital transformation has emerged as a key pathway to mitigate the impact of the pandemic on traditional trade. More enterprises have attached great importance to cross-border e-commerce as it becomes a vital channel for foreign trade enterprises to open up new markets. Cross-border e-commerce breaks time and geographical barriers and enhances the digital management capacities of enterprises.

Digital tools and digital transformation are the key factors for global micro, small and medium-sized enterprises or MSMEs to survive and thrive in the unpredictable COVID-19 era. Relying on the resiliency of China’s supply chain, a leading Chinese cross-border B2B e-commerce platform has empowered global MSMEs with some capabilities like more data flow, a deeper understanding of customer demand as well as a more tailor-made product portfolio to help them succeed in the challenging business environment.

Relying on the resiliency of China’s supply chain, the platform has empowered global MSMEs with some capabilities like more data flow, a deeper understanding of customer demand as well as a more tailor-made product portfolio to help them succeed in the challenging business environment.

Cross-border e-commerce has become an important channel for China’s foreign trade during the pandemic period and accelerated the innovative development of foreign trade. The outbreak has posed a challenge to logistics and distribution. China’s cross-border e-commerce logistics companies have made efforts to ensure the timely delivery of commodities through charter flights and overseas warehouses.

Shopping via overseas live streaming services could offer detailed information about products to domestic consumers. Such services have gained wide popularity among the younger generation. There is an inevitable trend that more cross-border online retailers will cooperate with live streaming platforms.

New business forms and models, especially cross-border e-commerce, have become a vibrant force driving China’s foreign trade. They also represent an important trend in the development of international trade. China’s cross-border e-commerce has grown by nearly 10 times over the past five years. By both exports and imports, cross-border e-commerce has been expanding much faster than overall foreign trade, and its share in overall foreign trade has gone up significantly.

As reported by OpenGov Asia, Chinese President Xi Jinping pledged to support the development of key technologies while strengthening the regulation of the country’s tech giants as part of his strategy to expand the digital economy. The country needs to boost innovation in core technologies and step up research capabilities to achieve self-sufficiency as soon as possible. China also called for an acceleration in the development of high-speed, secure smart infrastructure that can connect all aspects of the online economy as well as for breakthroughs in key software technologies.

China has identified the digital economy as a key driver for growth over the next few decades and made achieving tech self-sufficiency a top national priority. To support that growth, Beijing has doubled down on funding for strategically important industries such as semiconductors and AI, while rolling out new legislation covering everything from data security to fair competition as part of efforts to bring the country’s once free-wheeling internet giants in line with the national agenda.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.