Digital trade set to take wing

China has attached great importance to the development of digital trade, which is regarded as one of the three pillars supporting the development of a strong trading nation, alongside trade in goods and services.

In the domain of digital trade, China should pursue innovative development and take well-ordered steps to expand opening-up, according to the Recommendations of the Central Committee of the Communist Party of China for Formulating the 15th Five-Year Plan for National Economic and Social Development.

China should enhance the functions of trade promotion platforms and support the development of new forms and models of businesses such as cross-border e-commerce, said the recommendations, which were adopted at the fourth plenary session of the 20th CPC Central Committee on Oct 23.

Data from the Ministry of Commerce show that China's imports and exports of digitally delivered services trade rose 6.5 percent year-on-year to 2.9 trillion yuan ($406.6 billion) in 2024. Imports and exports of the country's cross-border e-commerce sector reached 2.71 trillion yuan last year, up 14 percent year-on-year, a record high.

The ministry said China's exports of telecommunications, computer and information services are at the forefront globally, while the growth rate of China's digital services trade far exceeds the global average, making it the fastest-growing economy in digital services trade worldwide.

At present, digital technologies such as artificial intelligence, big data, and blockchain are accelerating in innovation and increasingly integrated into all aspects of economic and social development, said Kong Dejun, director-general of the department of trade in services at the Ministry of Commerce.

"Digital trade is thriving, demonstrating strong development resilience and having a profound impact on patterns, structures, and rules of global trade. It has become the most dynamic component for bolstering global trade growth," Kong said.

He said China possesses abundant data resources, a vast domestic market, and diverse digital application scenarios, all of which provide a solid foundation for the development of digital trade.

Looking ahead, China will vigorously promote the reform, innovation and development of digital trade, advance institutional opening-up and deepen international cooperation in the digital trade domain to build itself a strong trading nation, he added.

"China has played a pivotal role in promoting global digital trade, speeding up the construction of digital infrastructure, and bolstering digital transformation and the development of cross-border e-commerce," said Pan Helin, a member of the Expert Committee for Information and Communication Economy, which is part of the Ministry of Industry and Information Technology.

Pan said it is vital to actively take part in the formulation of multilateral, bilateral and regional rules concerning digital trade and propel the establishment of international cooperation mechanisms in the digital field, which will further strengthen China's voice in the global digital economy governance system.