China’s High-Quality Digital and Green Development Fuels Global Trade Growth
China’s commitment to high-quality development driven by digitalization and green transition has played a significant role in supporting global trade growth and creating new opportunities for foreign companies. This has been highlighted at the ongoing 2023 China International Fair for Trade in Services (CIFTIS) in Beijing, which is centered around the theme Opening-up Leads Development, Cooperation Delivers the Future.
Digital technologies have emerged as a key focus of this year’s event, with multinationals flocking to seize the opportunities presented by China’s digital economy. Intel China, for instance, showcased its cutting-edge technologies and solutions in areas such as artificial intelligence (AI), Internet of Things (IoT), data centers, and smart retail sales. According to Zhou Bing, vice president of Intel, the CIFTIS has provided a vibrant platform for cooperation, and the company has announced collaborations with numerous Chinese partners at the fair.
China’s digitalization drive has opened up a vast global market potential. In 2022, the country’s digital economy surpassed 50 trillion yuan (approximately 6.96 trillion U.S. dollars) for the first time, accounting for 41.5 percent of its GDP. In the first half of this year, China witnessed a 12.3 percent year-on-year growth in digitally delivered service trade, which was 3.8 percentage points higher than the overall service trade growth rate.
To further facilitate growth in the digital sector, China has bolstered its policy support, aiming to create a conducive business environment for digital enterprises. In August, the country unveiled guidelines aimed at attracting foreign investment, including measures intended to help multinational corporations harness growth opportunities offered by China’s digital economic development. Additionally, the Ministry of Commerce recently announced that 16 more e-commerce parks would be designated as national e-commerce demonstration bases this year during the CIFTIS.
The promotion of green and sustainable development is another key focus at the 2023 CIFTIS. Panasonic Corporation of China’s President, Zhao Bingdi, praised the fair’s role in the green and low-carbon transformation, emphasizing the importance of seizing business opportunities in this sector. Panasonic, participating in the event offline for the first time, centered its theme around Green Impact, with the aim of expanding the application fields for its products and services in green and low-carbon practices.
China has also announced the establishment of a national voluntary greenhouse gas emission reduction trading market, further emphasizing the importance of the services sector’s role in green development. This move has been applauded by experts, such as Michael Bi, Managing Partner of EY Greater China Markets, who believes that it will provide new trade growth drivers and broaden market development space for foreign companies. Bi also revealed that EY China will release a white paper titled Green Power Trading: Accelerating Green Energy Consumption during the service trade fair, offering suggestions for enterprises to reduce carbon emissions.
The 2023 CIFTIS serves as a testament to China’s commitment to high-quality digital and green development. By fostering an enabling environment for digitalization and promoting green practices, China is not only driving its own economic growth but also fueling global trade expansion. The fair’s focus on cutting-edge technologies, innovative business models, and sustainable practices highlights the country’s dedication to a prosperous and sustainable future. As the event continues, it is expected to further facilitate international cooperation and create opportunities for businesses to thrive in China’s vibrant digital and green economy.
