China has announced ambitious new goals to expand its digital trade sector, aiming for the digitally deliverable services trade to exceed 45% of its total services trade by 2029 and over 50% by 2035.
The guidelines, released by the general offices of the Communist Party of China Central Committee and the State Council, outline plans to establish a secure and efficient digital trade governance system by 2035. This move is part of China’s broader strategy to reform and innovate its digital trade landscape.
Efforts will focus on developing trade in digital products and technologies, optimizing digital services trade, and promoting high-quality development of digitally ordered trade. The country also aims to foster digital trade entities to drive this growth.
In a bid to expand institutional openness, China will ease market access and encourage foreign investment in the digital sector. Industries such as telecommunications, internet, and culture are set to open up further in an orderly manner.
China plans to boost and regulate the cross-border flow of data while ensuring the security of important data and personal information. The establishment of an efficient, convenient, and secure mechanism for cross-border data flows is a key objective.
On the international stage, China intends to actively participate in the formulation of global digital trade rules and contribute to creating 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 emphasize deepening global cooperation in areas such as artificial intelligence, big data, cross-border settlement, and mobile payments. Efforts will be made to enhance the interconnectivity of digital infrastructure and strengthen security governance in the digital sector.
Official data show that in the first half of 2023, the value of China’s digitally deliverable services imports and exports reached a historic high of 1.42 trillion yuan (approximately $197.5 billion), marking a year-on-year increase of 3.7%.
Reference(s):
China pursues reform and innovative development in digital trade
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