China key to turning cyberspace truly global

The EU is a major technology hub and it can provide a key contribution for the growth of new ICT markets in China if adequate cooperation agreements are timely discussed and concluded, for example, in niche markets like the Internet of Things, smart cities, big data, e-health, cloud services, which will drive growth in the ICT industry in the next decade.

But opportunities for cooperation also exist in the "traditional" telecom segment. China and the EU are home to the world's major telecom vendors. Synergies in 5G development are clear, especially following the signing of the EU-China Agreement on 5G last September in Beijing.

The EU-China political and economic relationship is very developed, though there are some challenges, which we need to overcome to improve cooperation in the digital field, such as the lack of mutual understanding of the reciprocal markets, divergences in the approach to cyber security and, related to it, a lack of global Internet confidence. Moreover there are substantial regulatory divergences between the Chinese and EU rules, for example, on consumer protection and data protection.

The EU has just started its ambitious "Digital Single Market" strategy, which should in the coming years reduce barriers to doing business across the EU's internal borders, provide EU companies scale and resources to grow and make the EU an even more attractive location for global companies.

The EU's Digital Single Market strategy will offer substantial investment opportunities to Chinese ICT companies.

However, in the global Internet ecosystem, the concept of attracting investment by making one's investment conditions more attractive than those in competing economies is outdated. We need a global single, open cyberspace.

The second World Internet Conference in Wuzhen, Zhejiang province, could be the starting point of discussions between China and the EU, for instance, on how to facilitate online purchases of digital contents and to promote affordable high quality parcel delivery. Obviously, at a later stage anecdotal evidence should be complemented thorough academic study of respective Internet regulations in China and the EU.

The author is president of ChinaEU, a non-profit platform aiming to boost bilateral digital cooperation.