February 28, 2024

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Digital Trade on the Rise in China

According to a report, China is moving steadily toward front-runner status in the development of digital trade, fueled by the booming internet use, and the emergence of big data, cloud computing and other new technologies. China is now among the world’s top 10 countries for digital trade after years of consistent development in digital technologies. The country has ranked first in the globe in terms of total cross-border e-commerce retail export value as well.

The report, published by the Chinese Academy of International Trade and Economic Cooperation (CAITEC), the Ministry of Commerce, states that digital trade mainly encompasses digitally enabled transactions of trade in goods, services as well as data factors. It helps promote the transformation of global industrial, supply and value chains and improve efficiency in the production and operation of enterprises.

COVID-19 necessitated a rapid development of new forms of digital businesses such as online meetings, telecommuting, e-commerce, mobile payments, cloud services, online games and online healthcare services in China. The pandemic accelerated the pace of change in digital technology to provide solutions for society. Emerging digital technology solutions and digital trade will drive the digital transformation of traditional sectors, including construction and transportation, and inject new impetus into economic recovery.

Besides the significant improvement in digital technology, more efforts are also needed to gain a competitive edge. China should accelerate the building of a digital trade platform system, open up wider to the outside world, help expand the overseas market and improve data governance and free flow of cross-border data.

Data from the Ministry of Commerce showed the volume of China’s import and export digital trade surged 6.7% to $203.6 billion in 2019, accounting for 26% of the country’s total import and export service trade volume.

CAITEC says that embracing a new round of global technological revolution and industrial transformation accelerated transformation in cross-border e-commerce and other types of trade. With the rapid development of new forms of digital services such as digital content, search engines, social media, cloud computing and digital payments, digital trade has become the frontier of international cooperation and competition.

China, the world’s second-largest economy, has been ramping up efforts to grasp the new growth opportunities in those new types of technology-driven businesses. China’s digital trade has maintained strong momentum in recent years. However, China still lags behind developed countries in terms of core competitiveness, internationalisation level and digital governance.

China needs to make a big push to strengthen the top-level design of digital trade development, and actively participate in the negotiation and formulation of international rules and make breakthroughs in key digital technologies. The digital economy is gradually becoming the key driver of China’s economic development as new technologies and the government’s supportive policies continue to develop.

Moreover, China urges 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, as reported by OpenGov Asia.

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.

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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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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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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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.

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