The China-Shanghai Cooperation Organization (SCO) Forum on the Digital Economy Industry and the Smart China Expo 2021 were held in Chongqing Municipality last week. The forum, held under the theme of "promoting the digital economy for common prosperity," was attended by guests from all SCO countries and relevant SCO bodies. The expo, with the participation of over 610 companies from 31 countries and regions, showcased a wide range of cutting-edge technologies and applications. 

The digital economy, as a new driver for social and economic growth, has injected more impetus into international cooperation in various fields. 

What is the digital economy? And why is it important? Consider this in its most simple form. Once, the only way to order food from a restaurant was to call them directly and order. This was time consuming because the line could be busy, or there could be a misunderstanding in what you said. Yet now it's possible to use a delivery app to order food. This is the digital economy, and its transforming the way we live by making our lives more convenient, and in the process generating new jobs that previously did not exist. 

But this doesn't just concern food and deliveries, I'm talking about a lot more, including e-commerce, the ability to buy and sell at a distance, cashless payments such as Alipay or WePay, and the ability to conduct business or appointments through online platforms, all of which have become even more crucial due to COVID-19 reducing our capacity to travel and meet with other. As a result, the race to an increasingly digital world, empowered by technologies such as 5G internet and artificial intelligence, has been frequently termed "the next industrial revolution."

China's digital economy has already been immensely successful. According to the white paper "Digital Economy Development in China," China's digital economy in 2020 had reached $6 trillion (39 trillion yuan), accounting for 38% of its GDP, effectively supporting the country's epidemic prevention and control efforts and economic development. Yet the job is not finished yet.

In a globalized world, economics are not, despite the aspirations of some, a zero-sum game but a complex question of interdependence wherein the success and failures of others unavoidably impacts others. A crisis in one major economy is not merely for that economy alone, but likewise for the world accordingly. As a result, the focus of the events in Chongqing were not just about the development of China's own digital economy but likewise how it can complement and also help other countries on a regional scale too, whether they be investing in China respectively or seeking digital solutions for their own economies. This ensures that all countries can receive mutual gains in respect to the opportunities on offer. 

"We stand firm in our commitment to opening-up and cooperation, and will continue to expand and share development opportunities for the digital economy," said Xiao Yaqing, China's minister of industry and information technology, when addressing the opening ceremony. 

In this case, the events served to demonstrate China's vision, optimism and confidence in how a globally spanning digital economy can change our world, reinvent the way we all live, and help drive forwards a new era of growth and cooperation. The country stands ready to work with all SCO members to get deeply involved in international cooperation regarding the digital economy. 

Tom Fowdy is a British political and international relations analyst and a graduate of Durham and Oxford universities. He writes on topics pertaining to China, the DPRK, Britain and the U.S. For more information please visit: 

http://www.china.org.cn/opinion/TomFowdy.htm

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