Unified efforts urged to drive further advancement in digital trade

Industry experts have called for unified efforts to drive further advancement in digital trade, and to take an open and forward-looking attitude to enhance digital governance.

The "Innovative Development of Digital Trade: Opportunities and Challenges" sub forum was held on Saturday under the "Opening-up: Responsibilities and Actions" segment of the fifth Hongqiao International Economic Forum.

Participants reviewed the status-quo and trends of digital trade development, explored the impact of the mechanisation of digital trade opening-up on global development, and made policy recommendations on the development of digital trade opening-up in China.

They also discussed the topics from theoretical and practical perspectives to offer advice and suggestions for digital trade development.

The rapid technological changes brought about by digitization trends have been exerting a profound impact on the world economy and global trade.

Zhang Xiangchen, deputy director-general of the World Trade Organization, said the digital technology could boost trade volume by 2 percent annually through 2030 and for developing countries, their trade volume would grow an average of 2.5 percent.

"Digital trade would benefit all economies, and we should adopt an open and collaborative attitude," he said.

Developing countries should also grab this opportunities to shore up infrastructure, talent training and education.

He also called for government and international organizations to provide aid and relevant tools to boost development.

A unified approach and rules could further unleash the digital economy but different development levels and digital disparity makes it harder to reach a standard scheme.

President of the Global Alliance for Trade in Services Jiang Zengwei said the technology advancement has boosted digital trade formats and has been beneficiary to the economic development.

Digital platforms serve as key infrastructure in modern society, and they serve significant social purposes unlike for-profit businesses operations, he noted.

The governance of digital platforms is crucial, and he suggested the setting up of new trade service platform formats and optimized infrastructure network.

Global perspectives should be adopted for various parties to form an integrated approach to ensure the safety and security of digital trade.

Chinese businesses should carry out broader international cooperation and actively participate in digital trade protocols.

The overall trend of inter-connectivity and integration for digital trade and global economy has stayed unchanged despite recent disturbances, commented Liu Jun, President of Bank of Communications.

Technology inter-connectivity and globalization processes have been picking up and has enhanced the well-being of the whole society.

China has been a forerunner of digital currency and the rich digital scenario has helped the segment to be further expanded with a complete ecosystem.

"Compared with other sovereign digital currencies, the digital yuan has relatively mature technology, a wide range of application scenarios, and high compatibility and security," he noted.

The lender plans to expand more cross-border payment application for the local digital currency to be deployed in broader areas.