China advances reform and fosters innovation in digital trade
China is actively seeking reform and innovation in the realm of digital trade.
TroibNews 
On Thursday, Chinese authorities revealed a set of objectives aimed at expanding digital trade as part of the country's strategy to enhance reform and foster innovative development in the sector.
According to the guidelines published by the general offices of the Communist Party of China Central Committee and the State Council, the share of digitally deliverable services trade in the overall services trade is expected to surpass 45 percent by 2029 and 50 percent by 2035.
The guidelines also outline the establishment of a well-organized, secure, and efficient digital trade governance system by 2035, with significant improvements anticipated in institutional opening-up.
Efforts will focus on advancing the trade of digital products and technologies, optimizing the digital services trade, promoting high-quality development in digitally ordered trade, and nurturing digital trade entities.
In its pursuit of institutional opening-up in digital trade, China plans to relax market access and stimulate foreign investment in the digital sector. Industries such as telecommunications, the internet, and culture will see broader openings in a structured manner.
The guidelines emphasize the importance of enhancing and regulating the cross-border movement of data, while aiming to create platforms that facilitate high-standard digital trade openness.
While ensuring the security of crucial data and personal information, China intends to implement an efficient, convenient, and secure mechanism for cross-border data flows.
To enhance the global digital trade governance framework, China will actively engage in shaping international regulations for digital trade and contribute to fostering an open, fair, just, and non-discriminatory climate for digital advancement.
The nation will also push forward initiatives related to the Digital Economy Partnership Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
Additionally, the guidelines state that there will be an emphasis on deepening global cooperation in the realm of digital trade, strengthening security governance in the digital field, and enhancing international collaboration in areas such as artificial intelligence, big data, cross-border settlement, and mobile payments, along with improving the interconnectivity of digital infrastructure.
According to official data, the value of China’s digitally deliverable services imports and exports reached a record high of 1.42 trillion yuan in the first half of 2024, representing a year-on-year growth of 3.7 percent.
Alejandro Jose Martinez for TROIB News
According to the guidelines published by the general offices of the Communist Party of China Central Committee and the State Council, the share of digitally deliverable services trade in the overall services trade is expected to surpass 45 percent by 2029 and 50 percent by 2035.
The guidelines also outline the establishment of a well-organized, secure, and efficient digital trade governance system by 2035, with significant improvements anticipated in institutional opening-up.
Efforts will focus on advancing the trade of digital products and technologies, optimizing the digital services trade, promoting high-quality development in digitally ordered trade, and nurturing digital trade entities.
In its pursuit of institutional opening-up in digital trade, China plans to relax market access and stimulate foreign investment in the digital sector. Industries such as telecommunications, the internet, and culture will see broader openings in a structured manner.
The guidelines emphasize the importance of enhancing and regulating the cross-border movement of data, while aiming to create platforms that facilitate high-standard digital trade openness.
While ensuring the security of crucial data and personal information, China intends to implement an efficient, convenient, and secure mechanism for cross-border data flows.
To enhance the global digital trade governance framework, China will actively engage in shaping international regulations for digital trade and contribute to fostering an open, fair, just, and non-discriminatory climate for digital advancement.
The nation will also push forward initiatives related to the Digital Economy Partnership Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
Additionally, the guidelines state that there will be an emphasis on deepening global cooperation in the realm of digital trade, strengthening security governance in the digital field, and enhancing international collaboration in areas such as artificial intelligence, big data, cross-border settlement, and mobile payments, along with improving the interconnectivity of digital infrastructure.
According to official data, the value of China’s digitally deliverable services imports and exports reached a record high of 1.42 trillion yuan in the first half of 2024, representing a year-on-year growth of 3.7 percent.
Alejandro Jose Martinez for TROIB News
