Impact of digitalization, sustainable development and globalization on economies highlighted

Huang Yixuan
At the 6th CIIE, banks and financial services businesses discussed digitalization, green and sustainable development, and globalization in the Chinese and worldwide economies.
Huang Yixuan

Banks and financial services companies actively participated in the 6th China International Import Expo, sharing their research and insights on the Chinese and global economies.

It is worth noting that various financial institutions frequently cite certain trends in their reports, such as digitalization, green and sustainable development, and globalization.

HSBC conducted a poll of global firms' perspectives on the Chinese market, which revealed that they were generally optimistic.
They discovered that over 70 percent of global companies aim to expand their supply chain footprint in China over the next three years. Supply chain development, technology and innovation, and digitization are their top three investment goals.

The banking giant said that more than 87 percent of surveyed foreign companies intend to grow their corporate presence in China as a result of China's post-pandemic economic rebound.

China's manufacturing advantages, the size of its consumer market, and prospects in the digital economy and sustainable development sectors are driving forces behind this expansion.

PwC focused on free trade zones because this year marks the 10th anniversary of China's first pilot Free Trade Zone in Shanghai.

"Digitization, greening and internationalization are the core factors in our assessment of the future development trends of the pilot free trade zones," Zhou Yuwen of PwC said.

Reviewing the developmental journey of the FTZs over the last decade, the pilot free trade zones have consistently adapted to the trend of shifting from border regulations to domestic regulations in accordance with international laws.

The scope of institutional innovation has also broadened from investment and trade areas that rely heavily on border laws to a broader range of domestic restrictions.

FTZs have pushed through opening to the outside world through "diversified cooperation," "differentiated exploration," and "digital applications," according to PwC.

Standard Chartered looked into globalization, which was another key topic at the expo.

According to the bank's most recent research on the future prospects of globalization, the majority of surveyed business leaders believe that global commerce is a significant driver of globalization and has a beneficial impact on sustainable development.

"Globalization needs a reset to a more inclusive and sustainable model," said Bill Winters, Standard Chartered's group chief executive.

"It has delivered economic growth and lifted living standards for millions, but often developing markets and smaller businesses have been left behind."

According to the report, Chinese business leaders are most enthusiastic about leveraging digital tools to overcome issues in cross-border capital flows.

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