As another highlight of this year's GDTE, the Silk Road E-commerce (SREC) Pavilion features the achievements made in advancing economic and trade cooperation among Belt and Road Initiative (BRI) participating countries.

As of October 2023, China had entered into memorandum of understanding on SREC cooperation with 30 countries. Data shows that cross-border e-commerce imports and exports for SREC cooperation constitute over one-third of China's total cross-border e-commerce trade.

In order to meet the growing trade need brought by the SREC cooperation, major enterprises in the industry, such as Pinduoduo, Ant Group and Amazon, have all established platforms to facilitate Chinese enterprises in expanding overseas markets.

Ant Group's WorldFirst online platform offers small and medium-sized enterprises (SMEs) engaged in cross-border trade a comprehensive digital payment settlement and financial service. With just one account, businesses can efficiently receive payments from over 120 global e-commerce platforms in 37 different currencies, facilitating their overseas business operations.

Empowered by digital technology, SMEs worldwide are demonstrating remarkable vitality in global trade. From January to August this year, WorldFirst recorded a 59 percent growth in the sales revenue of Chinese SMEs participating in overseas markets, said Eric Jing, chairman and CEO of Ant Group.

In 2022, China's digitally-delivered service trade value rose 3.4 percent year on year to 372.71 billion U.S. dollars, accounting for around 9 percent of the global total, according to the Report on China's Development of Digital Trade 2022 released at the expo. By the end of 2022, the number of Chinese digital service platform enterprises with an individual market value of over 1 billion U.S. dollars had exceeded 200.

Likewise, an increasing number of overseas brands have entered the Chinese market or expanded their business with the rise of digital trade in China.

Since 2019, Qianxun Group, a multi-channel network, has facilitated transactions with its live-streaming platforms for various products from 12 BRI countries. More than 29 million items were sold, with the transaction volume totaling over 5.5 billion yuan (about 769.6 million U.S. dollars).

Cross-border e-commerce has undoubtedly injected impetus into China's foreign trade. From January to September, the import and export scale of the cross-border e-commerce totaled 1.7 trillion yuan, expanding 14.4 percent year on year and accounting for 5.5 percent of the trade volume in goods in the same period.

The space for the development of digital trade in China is vast, as the country has a huge scale of digital economy, massive data resources, completed digital infrastructure and abundant scenarios for digital application, said Wang Yiming, vice chairman of China Center for International Economic Exchanges.

The GDTE digital trade alliance, composed of enterprises, international organizations and business associations in the industry, was established during the expo, with an eye on building a platform to exchange ideas and promote cooperation.

Also, a digital trade think tank co-built by the commercial bureau of Hangzhou and Center for China and Globalization was launched, providing services in various areas such as policy research, investment promotion, talents introduction, and brand activities.

The GDTE is an important platform to propel digital trade, a public good to promote global digital economic cooperation, and a significant measure to build an open world economy, said Vice Commerce Minister Wang Shouwen.

China will continue to promote the development of digital trade, he said, adding that efforts will be made to strengthen top-level design, improve the construction of relevant platforms, develop new business forms, and promote higher-level opening up, sharing opportunities brought by digital trade with other countries. 

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