China is charting a bold new course in digital trade, unveiling ambitious goals aimed at reforming and innovating in this rapidly expanding sector. On Thursday, Chinese authorities released a set of guidelines outlining the country’s plans to significantly increase the share of digitally deliverable services in its overall services trade.
According to the document made public by the general offices of the Communist Party of China Central Committee and the State Council, China expects the share of digitally deliverable services trade to exceed 45% by 2029 and reach 50% by 2035. By then, the country aims to have established a well-organized, secure, and efficient digital trade governance system, marking a comprehensive improvement in institutional opening-up.
The guidelines emphasize efforts to develop trade in digital products and technologies, optimize digital services trade, promote high-quality development of digitally ordered trade, and foster robust digital trade entities. To expand institutional opening-up in digital trade, China plans to ease market access and encourage foreign investment in the digital sector, with industries such as telecommunications, internet, and culture opening more broadly in an orderly manner.
China also intends to boost and regulate the cross-border flow of data, building platforms for high-standard opening-up of digital trade. While ensuring the security of important data and personal information, the country aims to establish an efficient, convenient, and secure mechanism for cross-border data flows.
On the global stage, China will actively participate in the formulation of international rules for digital trade, striving to create an open, fair, just, and non-discriminatory environment for digital development. The country will advance work related to the Digital Economy Partnership Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
The guidelines also highlight deepening global cooperation in digital trade and strengthening security governance in the digital sector. China plans to boost international cooperation in areas such as artificial intelligence, big data, cross-border settlement, and mobile payments, enhancing the interconnectivity of digital infrastructure.
Official data shows that the value of China’s digitally deliverable services imports and exports reached a historic high of 1.42 trillion yuan (approximately $197.5 billion) in the first half of 2024, representing a year-on-year increase of 3.7%.
Reference(s):
China pursues reform and innovative development in digital trade
cgtn.com
