The Global Digital Trade (Cross-border E-commerce) Conference, jointly held by the United Nations Conference on Trade and Development (UNCTAD) and the China Association of Trade in Services, shows that digital trade has carved out a new path for global trade.
This not only significantly reduces the cost of trade but improves global trade, especially in terms of trade in services, and it also helps developing countries gain a larger share of global trade, the Economic Daily reported.
Digital trade includes end-products and services provided over the internet and tools to increase companies’ competitiveness and productivity. The tools include cloud computing, supply chain management data, electronic orders and payment processing and financial data flows.
Zhang Liping, a senior economic affairs official at UNCTAD, said that digital trade and cross-border e-commerce have a promising future, particularly in emerging markets.
The 2018 world trade report, jointly issued by the Ministry of Commerce (MOFCOM) and World Trade Organization Secretariat, predicts that the share of global trade in services will increase from 21 percent at present to 25 percent in 2030, and that of developing countries will increase from 46 percent in 2015 to 57 percent in 2030.
According to MOFCOM data, in 2017, China's digital economy reached 2.72 trillion yuan, accounting for 32.9 percent of GDP, ranking second in the world. This includes telecommunication services, online digital music, as well as cross-border e-commerce, which are all particularly vital sectors.
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