China to promote digital economy-related intl negotiations

China will actively participate in digital economy-related negotiations with international organizations to improve the multilateral governance system and mechanism in this area, said a senior government official.

Li Fei, assistant minister at the Ministry of Commerce, said the country will further align high-standard international economic and trade rules, and actively endeavor to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA).

The official said at a sub-forum of the Fifth Hongqiao International Economic Forum on Saturday during the ongoing Fifth China International Import Expo, which is being held in Shanghai from Saturday to Thursday. The sub-forum was hosted by the Ministry of Commerce and Zhejiang's provincial government.

The digital economy is the business resulting from the digital transformation of traditional economic activities powered by the internet, electronic means, and data, according to information released by Beijing-based Chinese Academy of International Trade and Economic Cooperation, the ministry's think tank.

China will promote digital economy-related international cooperation; participate in activities under the World Trade Organization's e-commerce platform; safeguard and improve the multilateral management system of the digital economy; as well as make full use of the cooperation mechanism of G20, (the Group of 20), BRICS (the grouping of Brazil, Russia, India, China and South Africa), SCO (the Shanghai Cooperation Organization) and other multilateral institutions to contribute to the world's digital economy and trade development.

With rapid development of emerging digital technologies, digital economy has become a dynamic and influential industrial sector with the fastest growth in China. The scope and scale of the digital economy have also been extended significantly, covering abundant products, services, business modes and industries, said Gao Peiyong, vice-president of the Chinese Academy of Social Sciences in Beijing.

For instance, the proportion of digital economy in the GDP of Zhejiang province amounted to 48.6 percent in 2021, ranking first among all provinces, autonomous regions and municipalities in China, according to information released during the sub-forum.