Report sees nation as digital trade leader

Citing the Technology and Innovation Report 2021 by the United Nations Conference on Trade and Development, Zhang noted 11 cutting-edge technologies such as AI, the internet of things, big data, blockchain and 5G as a whole are projected to create a market worth over $3.2 trillion by 2025.

China, the world's second-largest economy, has been ramping up efforts to grasp the new growth opportunities in those new types of technology-driven businesses, Zhang said.

"China's digital trade has maintained strong momentum in recent years ... However, we also need to realize that China still lags behind developed countries in terms of core competitiveness, internationalization level and digital governance," Zhang said.

Looking ahead, Zhang said China needs to make a big push to strengthen the top-level design of digital trade development, and actively participate in the negotiation and formulation of international rules and make breakthroughs in key digital technologies.

Fueled by booming new technologies and the government's supportive policies, the digital economy is gradually becoming the key driver of China's economic development.

According to the Ministry of Industry and Information Technology, China's big data sector registered a compound annual growth rate of more than 30 percent during the 13th Five-Year Plan period (2016-20), earning 1 trillion yuan ($156.7 billion) in its annual sales in 2020.

Zhou Yuan, managing director and senior partner of Boston Consulting Group, spoke highly of China's considerable progress in digital economic development, saying key big data hubs such as Guizhou province should better grasp the rising growth opportunities in digital services.

"To better boost the development of digital trade, more efforts are needed to participate in the formulation of new digital rules and standards, boost industrial upgrade and promote deeper integration of manufacturing and services," Zhou said.