‘Digital Silk Road’ driving global economy, experts say

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‘Digital Silk Road’ driving global economy, experts say

August 10
05:49 2020

On June 6, Online Advanced Seminar on “Digital Silk Road”, hosted by the International Cooperation Center of National Development and Reform Commission and Tanoto Foundation, organized by China Hangzhou Academy of West Region Development of Zhejiang University, was held at Zhejiang University.

The seminar brought together officials from the UNDP, Coordinating Ministry of Maritime Affairs and Investment, Indonesia, Ministry of Communications and Multimedia (Malaysia), and renowned scholars, including Ni Guangnan of the Chinese Academy of Sciences, Ma Jun of Tsinghua University, Wang Yiwei of Renmin University of China, Wang Wen of Chongyang Institute for Financial Studies, Renmin University of China, and executives from leading e-commerce businesses such as Alibaba Group, Meituan and H3C Group, for online discussions on the development and challenges of digital economy in post-pandemic era and new opportunities for digital economy in the cooperation between the countries involved in the Belt and Road Initiative on the theme of “Digital Economy Enabling Globalization”.

The guests agreed that digital technology is a new driver for future globalization and a key to the cooperation between the countries involved in the BRI. The experience Hangzhou has gained in digital economy is conducive to stronger international cooperation, new economic growth points for all countries as well as the common development in the era of digital economy.

Over the past four years, the pilot area has established commercial ties with BRI countries in sectors including digital technology, online trading, and industrial matchmaking. To expand further, companies in the city are turning to the Belt and Road Initiative market for the export of capital, technology and products.

AliExpress, a global retail platform under the umbrella of Alibaba Group, has become the largest e-commerce platform in Russia and is expanding its presence in Europe and South America. Online retailer JollyChic, operated by Jolly Information Technology Co Ltd based in Hangzhou, is now the biggest mobile e-commerce platform in Middle East region. Club Factory, a Chinese e-commerce website with 70 million users globally, is the third largest among its counterparts in India.

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