SHANGHAI: More measures are in the pipeline to boost the development of eCommerce, which plays a vital role in driving the growth of the real economy, promoting trade, and boosting capital flows, officials and experts say.

       Speaking during the China eCommerce Convention, a sub-forum at the ongoing 2023 China International Fair for Trade in Services in Beijing, Chen Chunjiang, Assistant Minister of Commerce, emphasised the importance of fostering a deep integration between eCommerce platforms and the real economy.

       Chen said efforts are expected to give full play to the leading role of national eCommerce demonstration bases.

       Nurturing internationally competitive eCommerce industry clusters and leading enterprises will be emphasised, which helps empower the growth of the real economy.

       “Our ministry will work to promote the launch of favourable policies that facilitate trade reform and innovative development, strengthen digital trade platform construction, and help foreign trade companies with their digital transformation and upgrades,” Chen said.

       “It will also prioritise boosting consumption among all work.

       “Efforts will also be made to guide eCommerce platforms to deeply integrate with the real economy, encourage eCommerce enterprises to extend their presence to rural areas, enhance logistics efficiency, reduce logistics service costs and promote sales of rural specialty products.

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       “Also, the ministry will actively advance bilateral eCommerce cooperation with countries and regions involved in the Belt and Road Initiative.”

       The Commerce Ministry announced the establishment of new eCommerce demonstration bases, including the Huawei eCommerce Logistics Park in Hubei province and the Chongqing Road Logistics Base.

       In 2022, China’s digital economy surpassed 50 trillion yuan for the first time, accounting for 41.5% of the country’s gross domestic product.

       eCommerce constitutes the largest and most extensive component within the digital economy, the ministry said.

       It added that in recent years, China’s eCommerce sector has grown in scale and quality, which supports the employment of nearly 70 million people.

       China has maintained its position as the world’s largest online retail market for 10 consecutive years, and its role and significance in the overall global digital development landscape have become increasingly prominent.

       Jiang Xiaojuan, president of the China Society of Industrial Economics, said that in the first half of this year, the country’s international eCommerce growth rate exceeded 16%.

       “eCommerce, through digital technology, optimised international transactions and production processes, reduced transaction and production costs, boosted supply and demand, and allocated various cross-border resources.

       “It has played a crucial role in facilitating foreign trade and two-way flows of cross-border capital for China,” Jiang said.

       “eCommerce drives substantial growth in the real economy, playing a huge role in the overall development of China’s industries,” Jiang added.

       With a diverse manufacturing sector and extensive industrial chains, China hosts a large number of small and medium firms.

       Digital platforms help trade models, with online and offline segments complementing each other, she added.

       Xu Ran, chief executive officer of JD Group, said that as digital technology increasingly integrates into all aspects of economic and social development, digitalisation has opened up new, broader and deeper prospects for businesses.

       The convergence of the digital and real economies has become an important engine that drives stable growth and high-quality development. — China Daily/ANN