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China’s Ministry of Commerce Optimises Trade Through Tech Adoption

At present, the new technological revolution led by digital technology has injected new impetus into the innovative development of service trade. With the effective implementation of various policies to keep the development of service trade stable and the continuous optimisation of the business environment for service trade, China’s service trade will keep good momentum throughout the year.

At the same time, the current international trend on COVID-19 is still uncertain, the cross-border flow of people is still limited, the international competition in service trade is intensifying, and the development of China’s service trade still faces many uncertain and unstable factors.

In the first quarter of 2021, the imports and exports of electrical and mechanical products and high and new tech products between the two countries both grew by over 50%, much higher than the rise of bilateral trade of the same period.

Following the decisions and arrangements of the CPC Central, The Ministry of Commerce (MOFCOM)  will closely focus on fostering a new development pattern, develop service trade with innovations, continue to strengthen comprehensive reform and exploration. MOFCOM will also reform and improve the technology trade administration system, vigorously develop digital trade, accelerate the transformation and upgrading of service outsourcing, and promote the high-quality development of service trade.

In the first quarter of 2021, the imports and exports of electrical and mechanical products and high and new tech products between the two countries both grew by over 50%, much higher than the rise of bilateral trade of the same period. Solid progress has been achieved in major strategic projects in such areas as energy, nuclear power, aerospace and aviation and cross-border infrastructure. New strides have been made in local cooperation and scientific and technological cooperation.

As reported by OpenGov Asia, China has been urging scientific and technological innovation by holding the 18th meeting of the national leading group on reform of the scientific and technological system and building of an innovation system in Beijing. China’s economic and social development requires great and urgent efforts in scientific and technological innovation due to profound changes in both domestic and international environments

Stressing the core position of innovation in China’s modernisation drive, they called for a thorough understanding of the key role of scientific and technological innovation in high-quality development and the new development paradigm. Member units of the group and related departments should take solid steps in advancing scientific and technological innovation over the next five years to help China become a leading innovation-driven nation and embark on a new journey toward a modern socialist country.

In compiling the national scientific and technological innovation plan for the 14th Five-Year Plan (2021-25) period, it was determined that attention should be paid to shoring up weak links and strengthening the foundation within a good strategic blueprint. According to an article, the 14th Five-Year Plan elevates innovation and technology development to core national priorities and critical to achieving technological self-reliance. This marks a significant shift in priorities towards industrial and national security, as well as reduced reliance on imported technologies.

Investment in technology will go into overdrive and will undoubtedly focus on frontier fields that have already been highlighted for further exploration: artificial intelligence, quantum information, integrated circuits, life and health science, neuroscience, genetics, deep earth and sea exploration, and aerospace technology. There also will be measures to encourage traditional sectors to move up the value chain; strengthening improved farming quality and competitiveness; as well as a greater emphasis on protecting intellectual property rights and talent attraction.

Technology and innovation have become the driving forces. As an emerging tech giant, China has demonstrated it can be a leading innovator both globally and domestically. China is leading the development of new industries built around digitalisation, artificial intelligence, big data, fifth-generation telecommunications networking (5G), nanotechnology, biotechnology, robotics, and quantum computing.

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