Beijing to build digital trade demonstration zone

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Beijing plans to build a digital trade demonstration zone with global influences and achieve a digital trade volume of US$150 billion by 2025, according to a municipal document issued Thursday.

This would bring the share of digital trade in its total trade of services to over 75% and that in its total trade volume to over 25%.

According to the document, Beijing will construct a digital trade public service platform to ensure unimpeded connection with overseas market channels; build a special data service platform to carry out data source compliance review and data asset pricing; and develop an exhibition and trading platform for digital trade.

It will encourage banks to provide special services for digital trade companies to facilitate foreign exchange receipts and payments in cross-border trade, expedite the review of relevant patent applications, and simplify the examination and approval process for foreigners to come in.

Meanwhile, the city will set up special funds for key areas of development, popularize special products for financing guarantee, establish digital trade company associations, set up expert teams and think tanks, and further construct the public service database for overseas intellectual property rights.

Besides, it will establish a directory for digital trade companies, compile annual reports on digital trade development, and build a service mechanism, a joint meeting system, and a system for collecting and monitoring digital trade statistics.

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